Singapore-based Finaqe Group Launches COVID-19 Initiative to Boost Companies’ Financing Success

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[1]. 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:

https://finaqe.com/1-to-1-consultation/.

 

END

 

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.

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email

RELATED POSTS

Elon Musk Buy Next

What Is Elon Musk Going to Buy Next?

There are moments in our lives—perhaps we are in the shower or struggling to sleep at 2 A.M.—when we think about all the ways we could influence the world. We find solutions to crypto volatility, world hunger and our neighbor’s ultra-dry plants.

5 Technologies

5 Technologies That Are on Stage in Russia’s Invasion of Ukraine So Far

On February 21, 2022, Vladimir Putin, President of the Russian Federation, declared the independence of the Donetsk People’s Republic and Luhansk People’s Republic. Arousing international outcry, this ignited the ultimate invasion of Russia on Ukraine three days later. While Ukrainians are still defying Putin’s covetous ambitions, new technologies have been floating on the surface to take advantage of each other.

Technology Joy Ghose

Technology Pioneers – Interview With Joy Ghose of FreeD Group

Over the past 15 years, the Chief Commercial Officer (CCO) of FreeD Group Limited, Joy Ghose, has accumulated plenty of experience in the travel and technology industry. Before joining FreeD Group, Ghose was involved in sales, marketing and management roles at companies like Merlin Entertainments and The Hong Kong Tourism Board.

Creamy Mattes and Beyond Reviewing GoPlay Cosmtics’ Custom Lipstick Maker

To Creamy Mattes and Beyond: Reviewing GoPlay Cosmtics’ Custom Lipstick Maker

While researching for our piece on personal color analysis, I came across the LIPSKIT, a custom lipstick-making tool created by GoPlay Cosmetics. GoPlay Cosmetics is a DIY (do-it-yourself) make-up brand that is looking to prioritize sustainability in the make-up industry without compromising the variety of your lipstick collection.

Ledger vs Trezor

Ledger vs Trezor: Where Should You Store Your Crypto Holdings?

As lucrative as the cryptocurrency world is, it comes with a high risk of losing your crypto because of hacks. To make sure that your crypto holdings stay safe with you, you must carefully choose effective storage solutions for them. One of the ways to keep your crypto secure is by holding it in a hardware wallet.