Singapore - Loan approvals nearly doubled in Singapore from December to January after the government implemented a series of stimulus measures in the past several months, a news report said Wednesday

Loans rose to 411 last month, and more than 265 million Singapore dollars (175.97 million US dollars) of loans have been given to almost 800 companies since the government-initiated schemes started in December, Channel News Asia said, citing the enterprise development agency SPRING Singapore.

Ninety-eight per cent of that amount was given to small and medium-sized enterprises, the government agency said.

SPRING Singapore chief executive Png Cheong Boon said banks were now more willing to lend and the immediate credit outlook was positive.

The agency said it expected around 600 loans worth up to 200 million Singapore dollars to be approved this month.

The government has initiated a number of steps to help support businesses in the current global economic slowdown. They include a 20.5-billion-Singapore-dollar plan aimed at saving jobs and helping viable companies stay afloat. (dpa)