- 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/
