On Monday, Singapore extended its financial support for companies by a whole year, which was initiated by the country to make sure that its economy does not completely collapse during the global financial crisis.

About 8.4 billion Singapore dollars ($6.0 billion) have been introduced in various financial schemes. Singapore is the worst hit economy in Asia and started rising from crises in the third quarter when the economy rose by 14.2%.

"As the economy makes the transition from recession to growth, the government will ensure that there continues to be financing support for small businesses", Kwek Mean Luck, Deputy Secretary (Industry), Ministry of Trade and Industry said.

The plan will take effect from February 2010 to the end of January 2011.

More than 13,000 companies, of which more than 90 per cent were small and medium enterprises, had benefited from these schemes.

Under the new financial support system, companies across Singapore, especially the smaller ones, will continue to receive government stimulus. However, the new scheme has pulled down the maximum loan from S$5 Million to S$2 Million.