Part 2/12:
As the pandemic's impact became evident, Singapore's SMEs, like many around the world, experienced immediate setbacks. Businesses such as those in retail, hospitality, and manufacturing faced sharp declines in revenue—some witnessing drops of up to 80%. Factory shutdowns, disrupted logistics, and declining sales led entrepreneurs to daily financial juggernauts, trying to sustain operations and pay staff amid collapsing demand.
Despite these hurdles, many SMEs chose to stand firm, not only surviving but also actively participating in pandemic relief efforts. This collective resolve laid the groundwork for a wave of innovation and community-driven initiatives.