SME Times News Bureau | 31 May, 2012
Amid global macroeconomic uncertainty, small and medium enterprises (SMEs) in Singapore have put growth plans on hold, some leading banks operating in the country have said.
The OCBC Bank, which is the biggest lender to companies with annual sales turnover of below S$10 million with more than 50 percent market penetration, said some customers have told them they will be holding back on growth plans
Among the top four lenders to Singapore SMEs, Standard Chartered Bank said it has seen companies become more conservative when it comes to borrowing.
Business lending in the country grew at a slower pace of 33.2 per cent in March, marking its fourth straight month of slower on-year growth.
SMEs make up 93 percent of all businesses in Singapore.
