Small Businesses Unite: Join Banco's #SMEMakeEndsMeet Initiative to Help 1000 SMEs unlock $100M Cashflow
Dear Friends, Customers, Partners, and banco Team,
We started banco with a simple goal: to make finance more accessible for small and medium-sized businesses (SMEs) in ASEAN. Over the past decade, we have gained valuable experience building digital financial products for financial institutions. Now, we are using that knowledge to create a platform that helps SMEs get financed more easily.
We know firsthand the struggles and challenges that SME owners face on a daily basis. One of the most common issues is finding enough cash to keep their businesses running. This problem will continue into 2023 as Singapore business owners face rising costs for raw materials, rent, utilities, and economic slowdown.
Less than 60% of Singapore's SMEs have enough cash to last them six months.
But what if we could provide immediate liquidity relief for these businesses, without requiring more borrowing or government grants? By our estimates, nearly $10 billion in cash could be unlocked if payment duration is reduced by just five days. This is equivalent to the amount of the Resilience Package announced by the Singapore Government in 2021 to help SMEs.
This is a call to action for our community to come together and support one another during these challenging times. #SMEMakeEndsMeet is an industry initiative led by Banco that aims to help SMEs acquire new knowledge, upskill, and access financing.
Our commitment is to help 1,000 SMEs unlock $100 million in cash in 2023. To begin, the first 1,000 participating SMEs will receive instant credit approval to access financing, free onboarding for large corporations on our supply chain finance program, and corporate discounts from our partners. We will share more details in the coming weeks.
We cannot accomplish this alone. I urge my fellow business owners, friends, and partners to join banco in our mission by emailing me at joshua.chong@banco.com.sg. Let's work together to support small businesses in Singapore.
Sincerely,
Joshua Chong
Director, banco
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