Taxpayer money gone, they didn't tell you about the high default-rates of the $17.4b ESG loans

[Filloz]

https://hrmasia.com/singapore-enterprises-received-us13-2-billion-worth-of-loans-in-2020
Enterprise Singapore (ESG) aided businesses by loaning S$17.4 billion in 2020. This amount benefited more than 20,000 companies hard-hit by COVID-19 between March and December 2020

The government launched a Temporary Bridging Loan Programme last year as the pandemic badly affected businesses. It also enhanced its Enterprise Financing Scheme for small and medium-sized enterprise working capital loans and trade loans. The ESG took up to 90% of the loan risk under these schemes.



The above article didn't mention taxpayer money gone like that, many dishonest companies got the loan. MAS insiders project that about 20% of the businesses that were awarded the low-interest loans will default.

 

[winners]

Those bleeding companies that require this bridging loan, should have allowed to close because many will still close when this facility has dried up. The government is indeed wasting taxpayers' monies.

 

[Filloz]

Those bleeding companies that require this bridging loan, should have allowed to close because many will still close when this facility has dried up. The government is indeed wasting taxpayers' monies.

The loan was helicopter money for dishonest businesses, many took the money and close shop. Hide the money in other assets.
Made more than what they saved in entire life.

 

[syed putra]

Look on the bright side. Money still in the economy. Its just that economy has been curtailed due to punitive measures to curb a mild virus.

 

[millim6868]

Helping own ppl within the circle ,good move during covid

 

[laksaboy]

Isn't it fun to be held hostage by this two?

 

[sweetiepie]

Isn't it fun to be held hostage by this two?

KNN my uncle think it is definitely fun to pose a eagle stance when you get to hold hostage of a cuntry KNN