22 Feb '12, 7am

Seven reasons why Singaporeans are not entrepreneurial enough

The Government does not help if an entrepeneur fails ! Banks insist on personal guarantees on top of assets pledged for bank facilities extended like overdraft, letters of credit etc. In other words they come after you personally when your business fails. Banks in other words wants their cake and eat it too ! Banks extend facilities based on value of assets pledged but still insist on a personal guarantee which is unfair to the entrepeneur as the bank is minimising their risk at all counts. All husinesses carry risks but banks seemed to have a upper hand. When a business fails, the banks take away the assets and sue the entrepeneur and make him a bankrupt if it does not cover the loans extended. The bankrupt becomes a pariah and no one cares about him after that.There is no organisation to help these failed businessmen, they are put under the Official Assignee jurisdiction...

Full article: http://www.transitioning.org/2012/02/02/seven-reasons-why...

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