Credit Counselling Singapore launches program to aid debt-ridden SMEs

Author

Date

Category

- Advertisement -

According to the (CCS), there are 351 small and medium-sized enterprises () in Singapore who have not only struggled financially to stay afloat but have actually had to borrow sizable sums of money.

Because of this, CCS launched the Enterprise Credit Counselling Programme (ECCP) on October 25, 2017, in order to aid entrepreneurs in debt.

Currently heading CCS is Kuo How Nam, who says that ECCP’s aims to address an issue amidst the country’s push for entrepreneurship.

He said, ”The system is geared towards finding winners. Every committee focusing on SMEs talks about how to get them to grow and expand. But where are the programmes to help those that fail?”

- Advertisement -

In 2016, there were 43,000 startups. This number has doubled in the last 15 years. However, the Department of Statistics shows that 50 percent of new businesses fail within three years from when they start.

The goal of the ECCP is to aid entrepreneurs who are faced with personal and business with helping facilitate repayments to their creditors.

At the beginning of the program, ECCP will focus on businesses with assets of up to one million dollars and of half a million, whose founders are closing the business or have closed already.

“We are not out to save enterprises that are in trouble as we don’t have the resources or expertise to broker a deal with the various stakeholders involved in a rescue mission. But we can try to minimise the impact of a business failure by helping the owners avoid bankruptcy if their creditors can agree on a structured repayment proposed by CCS.”

The director for Innovation and Entrepreneurship Department at Temasek Polytechnic, Samuel Ang, believes that the ECCP gives failed startups a second chance. Key to achieving this is connecting with mentors who have proven success with successful enterprises along the same lines.

For Mr. Ang, support is vital to ensure success. As the head of the Temasek Launchpad, he says, “The Temasek Launchpad, for example, is dedicated to spending time with our start-ups to understand their plans, needs, and other resource requirements so we can follow up to facilitate the meeting of these needs.

Like nurturing any newborn, the secret to a successful start-up is to be ‘invested’ in it, be it time or energy.”

Read related: Singaporeans with Personal Debt Problem Could Take 10 Years to Pay Off Their Loans (And How They Could Avoid It)

Please follow and like us:
Tweet
Share
- Advertisement -

Teo Chee Hean tags unseated ex-MP Ng Chee Meng in online post about job vacancies

Senior Minister Teo Chee Hean tagged his former colleague Ng Chee Meng in a social media post about job vacancies, leading some to ask tongue-in-cheek questions like whether he is suggesting jobs for the recently unseated ex-MP. Mr Ng, a former Chief...

SDP labels MediShield Life “too complicated”, opposes any premium hike

Singapore -- The opposition Singapore Democratic Party (SDP) has criticised the MediShield Life scheme and has opposed an impending premium hike recommended by a council convened to review the mandatory national health insurance scheme. In a statement released on Wednesday (Oct 21),...

Ho Ching slips to 20th spot in Fortune’s “Most Powerful Women International” list

Fortune magazine has ranked Singapore sovereign wealth fund Temasek's CEO Ho Ching as the 20th most powerful woman outside the United States in its 2020 "Most Powerful Women International" rankings. The American multinational business publication noted that Ms Ho "has a bigger...
Please follow and like us:
Tweet
Share
close

Like and follow us

Follow Me
Tweet