IT News Online – Singapore P2P Lender BRDGE: Flexible Financing Key to SME Survival in Times of Business Uncertainty Due to Pandemic; launches F&B loan package and SME digitization platform


SINGAPORE, November 26, 2021 – (ACN Newswire) – BRDGE Technology (BRDGE), a MAS-licensed peer-to-peer lending platform launched in 2014, today announced the launch of a funding program for the food and beverage (F&B) specially designed to support Singapore’s small and medium-sized food and beverage (F&B) enterprises (SMEs) in the current uncertainty caused by the pandemic around on-site dining. The loan program, with affordable interest rates of less than 1% per month and a short term of three to six months, is specially designed to help institutions survive and potentially thrive during this time when cash is important to wages and rentals. .

A unique aspect of the F&B BRDGE loan is the credit scoring process, which takes into account the challenging business landscape with reduced and targeted credit scoring criteria: BRDGE will only assess the last three to six months of recent flows. SME cash flow, bank statements and bank balance, compared to changing restaurant rules, to identify catering and catering businesses capable of surviving and thriving.

BRDGE offers financial support to non-bankable SMEs or those unable to obtain a loan from traditional financial institutions. Most of the time, this is due to a history of less than two years or low annual income, or the maximum limit on their credit facilities or the need for a bridging loan. The BRDGE then carries out an assessment and puts SMEs in touch with potential investors.

Mr. Kevin Wong, CEO of BRDGE Technology, said, “The government has been extremely supportive of the various grants and packages for businesses and their employees in Singapore since the start of the pandemic, and the community has also continued to support SMEs. Singaporean. However, with the recently announced extension of the stabilization phase, Singaporean businesses, especially F&B establishments that rely heavily on on-site catering for their income, continue to be pressured by thinner margins, tight cash flow. and the rising cost of rent and labor. With the group sizes for on-site dining having been adjusted more than 10 times since April 2020, catering and catering businesses face continued uncertainty and many are on the verge of survival.This loan program is designed for them. help survive and potentially prosper in the short term, with a more relevant assessment process grounded in today’s very different business reality. “

Cash flow, a priority for SMEs during COVID-19

From the start of the pandemic in April 2020 until today, BRDGE has financed more than 46 SMEs with more than S $ 11 million in loans. Compared to a similar period before the pandemic (April 2019 to April 2020), there was a marked reduction of 58% in the average loan amount per borrower, from S $ 352,000 to S $ 836,000, alluding to S $ 836,000. a shift in borrowing for growth before the pandemic. pandemic, to survival during the pandemic with cash used to maintain operational costs.

More SMEs have also applied for funding since April 2020, 46 from 17 before the pandemic, with companies in industries such as arts, entertainment and recreation, health and medicine, marine and navigation, and beauty and well-being, asking for loans.

Kevin added: “As the pandemic continues, more and more businesses are facing problems maintaining their cash flow. We are also seeing a fundamental change in the reasons for getting loans. Where previously businesses discussed funding to help them grow or expand, we speak to business owners who fear they will survive until next month. Government and consumers are surely doing their part to help businesses survive, but every little bit counts and this reexamination of how we value loans is part of our commitment to the Singapore business community. “

As part of its efforts to help SMEs get through this difficult time, BRDGE also recently started developing B Mart, a new mobile e-commerce application designed to help Singapore SMEs go digital and find new customers by line. On the platform are now over 7 companies with more than 500 SKUs representing B2B industries such as creative and marketing and B2C companies such as food and beverage, beauty and health, fashion, etc. BRDGE plans to increase this number to 2,000 SKUs by the end of the year, with all 237 SME borrowers from BRDGE since 2014 being able to access this platform. All applicants for today’s F&B BRDGE loans can have access to the platform and will be able to use the BRDGE online delivery application at a fixed and competitive 5% commission rate to help reduce operational costs.

F&B companies can apply for the BRDGE F&B loan through the BRDGE site: https://register.brdge.tech/fandb-smes, while investors who wish to support local businesses can find out more here https: //register.brdge . tech / fandb-investor or register on the BRDGE website.

SME owners who wish to list their products on the B Mart app to develop their clientele and business can contact BRDGE directly at [email protected]

About BRDGE technology

BRDGE Technology is a MAS licensed P2P lending platform with a Capital Market Service license (CMS 100642). Founded in 2014, it is among the pioneering lot of local P2P lending platforms and is the highest rated crowdfunding platform on Seedly. To date, BRDGE has financed a total amount of $ 72,022,115 and has more than 17,000 investors and SMEs. https://www.brdge.tech/

FOR MEDIA REQUESTS
Precious Communications for BRDGE
Martin Lim, [email protected]

FACT SHEET

Address: 57 Mohamed Sultan Rd # 03-05 Sultan-Link, Singapore 238997
Phone. : 6916 1799
Email: [email protected]
Website: https://www.brdge.tech/
IOS app: https://apps.apple.com/us/app/id1061018232
Android app: https://play.google.com/store/apps/details?id=com.app.brdge
Seed Reviews: https://seedly.sg/reviews/p2p-lending/brdge-p2p-lending
Facebook: https://www.facebook.com/BRDGEsg
Instagram: https://www.instagram.com/brdgesg
LinkedIn: https://www.linkedin.com/company/brdgesg/
YouTube: https://www.youtube.com/channel/UCxsxymQ5CU8K0NL0thZXzrA

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