Although in many countries, business loans may not be so easy to acquire and the number of options are very few, in Singapore the situation is often different. The singapore business loans options are not surrounded in red tape as their regulations pertaining to business loans is very generous and options on where to borrow the money from, are plentiful. In many countries, in times of a recession, loans are extremely hard to come by but in Singapore they can still easily be found and that is just one of the reasons why Singapore’s economy is flourishing. Singapore although small, is one of the world’s richest countries with a GNP per capita the second best in Asia. It isn’t just by chance that in Singapore loans are easy to come by, it is a carefully planned strategy to encourage small and medium enterprises to establish themselves there. Singapore likes to especially encourage businesses which are concerned with modern technology and it is this technology that many people believe, will be able to get the world out of its current recession. In order for an economy to do well, businesses must do well but often competition is strong. In order to beat their competition, many businesses start to use modern technology in an effort to lower their operations costs and thereby make them more competitive.
Starting out as a small local port with a population of just 1,000 in 1818, Singapore has developed and grown substantially. Its growth was first promoted by Sir Stanley Raffles when, in 1818 he recognized the potential; Singapore had in becoming a major port in South East Asia. Raffles did not have to wait long to see what he had envisaged to become real as, by 1825, Singapore had grown to having a population of more than 10,000 and was already being used by shipping to and from their way to China and India. By 1865 Singapore had grown to become the busiest port in the region, handling more trade than even Penang in Malaya which, until then had always been the major port in South East Asia. Although Singapore had joined the Federation of Malaysia in 1963, in 1965 the Federation ejected it, leaving it to become the Republic of Singapore, an independent nation that continued to grow both in size and wealth.
In recent years the world has decided that they would recognize any nation that could use modern technologies to improve the standard of living for its people. The recognition would be in the form of declaring any such country as being a Smart Nation. Today, although no country has yet received this distinction, Singapore is well on its way to becoming the world’s first Smart Nation. With its continuing policy of allowing small and medium sized businesses to easily obtain loans, Singapore is set to advance into the future as one of South East Asia’s leading economies with some businesses leading their field in modern technology, plus of course it’s ever growing port.