SEA Games business opportunities for SMEs
Credit to Author: Lee-Anne Tobias| Date: Fri, 29 Nov 2019 16:16:40 +0000
OPPORTUNITIES are knocking for small and medium enterprises (SMEs) during special events like this year’s Southeast Asian (SEA) Games. It’s a time for small businesses to showcase their products and services on the world stage arena, and increase their chances to export their products.
The past several weeks have been busy for organizers, suppliers, partners and participants of the SEA Games. It has also been a good time for both big and small companies to step up for their country in terms of contributing to the operational and logistical work. In the process they also gain an increase in sales or publicity, or both. The lesson to be learned here is that it’s good to be ready in offering your products and services for such events.
A win for SMEs, country
This week saw a few reports emerging about companies and institutions supporting the government to ensure the SEA Games’ success. An example would be a bus company that came in to meet demand for more shuttle services for the participants. It might seem simple for a company to offer services, and that is only true if they are enough to cover unexpected expenditures. Even then, finding people to do the job could be difficult.
It was very encouraging to know that the bayanihan, or community, spirit is still alive among Filipinos. This definitely helped the teams and athletes who were helpless during that time and the local organizers who found themselves in hot water with the media.
Since we started in the industry, we have encountered business owners who had been tapped by big events agencies on short notice. They simply couldn’t pass up on the opportunity, but they were also strapped for cash during those times. Luckily for them, they found First Circle in the midst of their business hurdle.
After reviewing the purchase order provided to us, though, our risk department managed to disburse the needed loan amount within a short period. This was based on their credit history with us, as well as through understanding the context of a quick government-initiated project opportunity.
Enabling businesses to achieve their full potential
First Circle provides non-collateral financial services online to SMEs in the local financial technology (fintech) industry. Since 2015, our mission has been to help Filipinos SMEs grow and reach their full potential. Through our technology, we offer short-term loans without any collateral, but purchase order or invoices only.
In the absence of collateral, businesses are left to forego projects that would increase their sales and help them scale in the long term. This occurrence was quite rampant in the country, and through non-collateral loans, fintech industries became the much-needed solution for SMEs. Today, First Circle continues to grow in the country through SMEs that previously could not secure a loan from banks, as they couldn’t provide the main requirement: collateral.
First Circle offers two products: purchase order and invoice, which are the main basis for establishing a customer’s eligibility. We also require supporting documents to approve the loan and once these have been vetted, we disburse loans in as fast as three to five business days.
In the case of our clients who were able to take on the demand needed for big, international events like the SEA Games on short notice, more SMEs can take advantage of the same opportunity. Instead of worrying where to get fast financing, business owners can apply with us online.
Trusted by the Philippine government, First Circle is a finance partner of the Department of Trade and Industry and is one of the fintech companies licensed by the Securities and Exchange Commission.
To learn more about First Circle’s financial solutions, visit our website at www.firstcircle.ph
Lee-Anne Tobias is the senior communications associate for First Circle Growth Finance Corp. She has 10 years of experience in digital media, business communications, corporate social responsibility and qualitative research in the energy and market research industries. To get in touch with her, email her at lee-anne.tobias@firstcircle.com.