- Alternative financing aids local business
- Testimonial of how Resalpha successfully raised funds via SeedIn crowdfunding platform
- “SME Give Back”
SINGAPORE – Media OutReach – 2 October 2019 – Cashflow is the heartbeat of any business, especially in the early stages of growth. You can have the best ideas, perfectly executed, but when the lifeblood of working capital runs dry the effects are devastating.
This challenge cannot be overstated: research shows that delayed payments and chasing overdue invoices are the two biggest productivity strains on small business owners in Singapore. Around 90% of SMEs have clients who don’t pay on time and as a result nearly 40% of SMEs experience cash flow problems.
With innovative ideas and sound business expansion plans, at one point of time, RESALPHA too faced the cash flow challenges. Seeing the vast potential to expand into the Cambodian market and looking to digitise their booking and marketing system for Singapore, they needed to seek funding to be able to capitalise on these opportunities.
Having known that SeedIn has been supporting SMEs over the years through alternative financing, Resalpha got in contact with Seedin and was subsequently successfully on-boarded to Seedin’s platform after going through a stringent credit risk assessment process. The subsequent crowdfunding campaign being 100% subscribed is a clear indication that Resalpha was fully supported by SeedIn’s community. A community of Singapore based investors.
Being a beneficiary of Seedin’s crowdfunding campaign, RESALPHA is truly grateful to the support it had received and wish to give back to the local community. What better way to do it than giving back a local heritage favourite: Nasi Lemak! Hence the SME Give Back Campaign was hatched and 100 sets of nasi lemak went up for grabs on a first come first serve basis at Killiney Exchange (franchise outlet by Resalpha) located at OCBC Centre, Chulia Street. The response to the campaign was so overwhelming that 150 sets were given out instead of the initially planned 100 sets.
Embracing this ‘SME Give Back’ campaign, Resalpha’s Managing Director Mr Calvin Thng, said the thought behind the company’s action was actually very simple, “We’re humbled by the community’s stamp of approval and overwhelming support. And truth be told, it was actually our very first experience with the concept of crowdfunding. The reality of receiving funding support from a community of Singaporeans was amazing. And we are truly grateful. And will surely consider raising funds through SeedIn’s platform in future if needed.” Mr Thng said.
SeedIn’s SME Give Back comes in various forms of deals and discounts specially curated by SeedIn and partnering SMEs. To show their appreciation for the support they received, Resalpha also gave out 1 for 1 dining vouchers on SeedIn’s APP.
Given the non-banking nature of crowdfunding and how it garners the support of society at large to provide financing to companies in general, SeedIn is poised to provide more exciting options and opportunities within the business and general community, bringing forth a new age of Singapore’s “Kampung Spirit”.
For more information: https://sg.seedin.tech/