Small and medium enterprises (SME) are vital for the growth and development of an economy. Recognizing the importance of this sector and in an attempt to promote growth of banks in Singapore Ichiro Suzuki Marlins Jersey , more resources are allocated to address the specific needs of small and medium-sized enterprises (SMEs)across Singapore.
Different SME Banking Products that can assist SME growth are,

• SME banking accounts
SME Banking Current account offered by reputable banks provides numerous features and benefits to SME clients. Either with a reduced or waived minimum balance requirement, these SME bank accounts provide tiered interest rates on the account balance.

For SME’s dealing in foreign currencies through their global business ventures, the Foreign currency current accounts are available to enable businesses to receive or send foreign currency without converting to Singaporean dollars Ryon Healy Youth Jersey , using the same to withdraw, deposit or transfer in local or foreign currencies.
Time deposits offer SMEs competitive rates of interest on balance with variable maturity periods.

Foreign currency deposits give account holders timely access to major currencies with attractive exchange rates and interest rates.

• Payments and Remittances
Banks issue Cashiers Order which can be used to make payment on behalf of customers as an alternative to beneficiaries who do not accept payments in cheques or cash.

Electronic fund transfers allow SME owners to transfer funds to any participating bank in Singapore, instantly using Fast and secure transfer(FAST). One can use online banking services to transfer fund effortlessly, safely and securely. These innovative banking facilities allow a business to function seamlessly.
Regional and overseas remittances: Banks provide means of international remittance such as internet banking transfers Kyle Seager Youth Jersey , demand drafts, and telegraphic transfers. This enable SME owners to do business anywhere in the world, eliminating geographical boundaries to further business growth.

• Automated Payment Systems:
One of the most innovative SME banking products, automated payment systems Dee Gordon Youth Jersey , provides a direct debit service offered by major banks in the country. Using this payment system, one can settle staff salary crediting and make timely bill payments, freeing business owners of everyday tasks like issuing cheques and making payments.

• Financing
The growth of new SME ventures is highly dependent on the availability of timely funds to support the development. To assist these enterprises, financial institutions offer various funding products. Most SME banking services in Singapore offer innovative customizable solutions for the specific needs and requirements of a business. This ensures maximum benefits for owners Randy Johnson Youth Jersey , owing to the financing solutions provided by banks.

Some of the financing products include:
• Asset financing enables businesses to acquire industrial or commercial properties, finance capital purchases of machinery or expand a facility and financing of commercial vehicles, machinery and equipment at flexible payment options and lucrative interest rates.

• Trade financing enables businesses to take their products across the globe or import to the shores of Singapore seamlessly using a range of secure short-term financial instruments.

• Cash flow financing allows businesses to access funds through an overdraft facility or through business term loans.

Numerous government aided schemes for business owners such as microloans, enterprise finance schemes Ken Griffey Youth Jersey , and loan insurance scheme, are also offered.
Banks across the country offer innovative products to help SMEs meet their needs. Making the correct use of these innovative customised solutions can help SME excel and grow their companies to the next level.

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Keywords: SME bank accounts, SME banking products

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