OUTLOOK FOR THE E-CONOMY 2017
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The founders want to help small businesses succeed. Funding Societies’ Bolt (FS Bolt) is a mobile app that offers quick and steadfast loan disbursements within 24 hours, and is available on both iOS and Android devices.
“The app ensures SMEs receive loans efficiently and in a convenient manner,” says Kelvin Teo, co-founder of Funding Societies. “It also provides loan tenor flexibility, charging no fees for early repayment, atypical of financial products in the market. With this feature, borrowers only pay interest while using the funds and are encouraged to repay their loan as soon as their finances permit.”
Funding Societies’ vision, says Teo, is to help small businesses. Over the last year and a half, borrowers have indicated that they often need funds to tide over short periods of finance-related issues, he shares. The FS Bolt app was created to address these concerns. “SME owners get peace of mind from the quick 2-hour credit decision and they can opt to repay early without charges if they don't need it anymore,” notes Teo.
As their most recent innovation, Teo says FS Bolt expands the firm’s offerings and shows Funding Societies’ continued commitment to serve the Singapore SME sector by improving credit availability.
“As macroeconomics continue to weigh down on bank lending, SMEs today face increasing difficulty to get financing, especially for the smaller SMEs,” he says of the problems FS Bolt is trying to solve. Further, he notes that unpredictable market shocks and opportunities such as fluctuation in foreign exchange and winning a contract early can leave SMEs in sudden cash need. “FS Bolt alleviates such issues by offering a lightning-fast credit product with no early repayment fees to answer this specific SME need,” Teo says. “FS Bolt incorporates automation and highly intelligent systems to include non-traditional datasets into the firm’s credit assessment processes.”
Teo adds that, complementing the government’s financing programs for SMEs, Funding Societies offers unsecured term loan and invoice financing of up to S$ 500,000 for companies incorporated in Singapore. FS Bolt aims to serve smaller SMEs with quantum up to S$20,000.
Source: http://FS Bolt offers convenient loan disbursements for SMEs - See more at: http://sbr.com.sg/markets-investing/exclusive/fs-bolt-offers-convenient-loan-disbursements-smes#sthash.1ZOM7K96.dpuf