Singapore-based Finaqe Group (Finaqe), an independent funding intermediary firm dedicated to bridging the gap for companies to access capital, has launched FINASSESS. FINASSESS is an initiative offering complimentary financial assessments to companies in Singapore impacted by COVID-19 to boost their chances of succeeding when applying for working capital. This move by Finaqe stems from recognition of how crucial it is for a company to go through the process of a financial assessment. This is part of a long-term business strategy to identify suitable financial solutions and improve working capital management.
“As a funding intermediary that works with a large network of over 200 international and local financiers, we are committed to help our clients address the factors on a company’s credit and financial issues in order to match them with suitable financial solutions. This is even more relevant during a tough period like COVID-19. With our unique position in the financing industry, we are deeply knowledgeable about effective financial practices, financing solutions and application processes, and common challenges that companies face when seeking capital. Given that companies, especially SMEs, form the bedrock of our economy, we wanted to alleviate their stress by boosting their chances of success when applying for working capital during these challenging times,” commented Janus Lim, Founder and Managing Director of Finaqe Group.
As businesses in Singapore reel from the economic impact brought about by COVID-19, many companies are finding it increasingly harder to survive in the current climate. According to BizInsights, an authorised information service provider of the Accounting and Corporate Regulatory Authority of Singapore, 8,663 business entities have closed in April in Singapore. Based on data from Enterprise Singapore (ESG), SMEs have applied for over 2,500 loans adding up to S$1.9 billion since March 2020. These are clear indications that businesses are in dire need of timely working capital.
FINASSESS by Finaqe Group
Leveraging industry expertise and resources to provide companies with financial advice, the complimentary assessment is the same process that Finaqe puts its clients through before onboarding them. This process enables Finaqe to determine financial health, evaluate credit risk, identify the financing needs of their companies, and actionable steps that can be taken to improve working capital management. Tapping on an experienced team of over 40 years of accumulated industry experience, Finaqe carries out the complimentary service in two stages:
● Pre-assessment: Prior to the online consultation session, applicants (businesses) will have to fill in a form to share information such as the age of their companies and industry that they operate. The form, together with the financial documents submitted by the applicants, will enable Finaqe’s consultants to determine and evaluate the financial health of the companies and identify necessary steps to be taken.
● Online consultation session: Following which, Finaqe’s consultants will conduct individual sessions to share relevant financial advice, and practical steps that can be taken to improve the company’s eligibility for financing, and working capital management practices. The consultants will also address queries related to issues such as cash flow management and working capital application processes.
Describing more on the kind of firms that would benefit from the programme, Janus Lim added, “We believe that companies, especially those that have been established between one to two years, will be able to benefit from our programme. Through FINASSESS, we hope to instil better financial practices in companies, to shed more clarity on application processes for working capital, and to improve their chances of obtaining working capital from financiers successfully.”
“The impact of COVID-19 has made us realise the importance of good cash flow management and effective financial practices. While these are important factors that directly affect our business operations, they have previously taken a backseat. Through FINASSESS, greater light and clarity has been shed on practical steps that we can take to boost the financial health of our company. This knowledge will also be useful for us when operating during positive economic times,” commented Simon Tan, Director of Warrix Singapore, the exclusive dealer for Warrix, a manufacturer of sports apparel, one of the companies that has benefitted from the consulting session.
Finaqe has begun hosting the online assessments, which will continue till the end of June 2020. Companies that are interested can find out more and register via:
About Finaqe Group
Founded in 2012, Finaqe Group is a Singapore-based, independent funding intermediary dedicated to helping businesses grow strategically through a comprehensive suite of financing solutions.
The company helps businesses of all sizes navigate the complex financial market, with their deep understanding and knowledge of the varying financial needs companies face at different growth phases– guiding companies across diverse industries to effectively utilise financing for business growth and bridge them with suitable financing solutions.
Finaqe performs risk assessments, determines financing needs, and simplifies the financing process. The company assists firms with access to banking and private credit through a large network of over 200 international and local financial solutions providers including banks, financial institutions and alternative lenders.
Finaqe has aided over 200 companies from key sectors such as marine and engineering, since its inception. The company has facilitated more than S$200 million of financing with over 200 local and international financiers, exceeding 500 transactions.