SINGAPORE: From cash grants for small- and medium-size enterprises to easier access to business loans, the government on Wednesday (Jul 29) announced a slew of financial support measures to help firms deal with cost pressures amid the Middle East conflict.This package, which comes on top of measures announced in April, will cost around S$900 million (US$697 million), said Second Minister for Finance Jeffrey Siow at a press conference.“We believe this is the right response given the economic conditions today,” he said.The Ministry of Finance said during a briefing that two-thirds of the S$900 million package will be used to support households, and the remainder will be for helping businesses, which includes rental support for hawkers and market stallholders.Earlier in April, Singapore had moved quickly to cushion the initial impact of the energy price shock with a S$1 billion support package for households, businesses and affected workers, said Mr Siow.The April tranche of support measures included bringing forward the 2027 disbursal of Community Development Council (CDC) vouchers to June 2026, as well as enhancing corporate income tax rebates and the Cost-of-Living special payment announced in Budget 2026.With the second package, the total government support amounts to around S$2 billion, adding on to other measures provided in this year’s government budget.“For funding, we are expecting at the moment for the ministries and agencies to work within what has already been approved under the Supply Act,” said Mr Siow, adding that a supplementary budget will be sought if needed.He added that the priority for the April support package was to respond to the situation as quickly as possible to help businesses adjust to the sudden shock.For the second package, there is an opportunity to be more focused and targeted on companies that are being affected by supply chain disruptions and energy costs, and on smaller companies that have less buffer.“I think the key is for the government to be responsive to feedback and responsive to changes in the global environment, and we want to be able to do so if there is a need,” he said.SUPPORT MEASURES FOR BUSINESSESSenior Minister of State for Trade and Industry Low Yen Ling, who was also at the press conference, said the government understands that businesses are concerned about higher operating costs and cashflow.“We aim to help them better maintain their costs in the near term, while at the same time giving them the support they need to make business adjustments for the long term,” she said.