As fulfilling as running a business can get, it is not always sunshine and rainbows.
From adding new offerings, expanding your store space, or even putting up a new branch, there are many things to take into consideration. Apart from that, external factors like inflation and dealing with our 'new normal' are also causes of worry for many entrepreneurs.
Amid these financial concerns, MSMEs are sometimes prevented from growing their business and can wind up feeling demotivated. This constant problem that small business owners face is precisely what Grab, through its financial arm GrabFinance, aims to address.
Grab not only provides its Southeast Asian users an app that they can use for their everyday needs from transport to food and grocery deliveries, they are also helping provide support to merchant-partners through the rollout of Quick Cash, a loan program to help local businesses fuel their business needs and dreams.
Through a hassle-free application process and daily micro-deductions tailor-fit to merchant-partners' financial capabilities, Quick Cash aims to make the experience of running a business a little lighter for local entrepreneurs and their loved ones.
Under the loan program, Grab also determines the loan amount best suited for applicants by using the data acquired from merchants such as their earnings so as to ensure that the right capital amount provided is accessible and affordable for merchants who avail.
How an OFW and her family was empowered with Grab
Ana Eileen Son is a merchant-partner of Grab, running Takoyakiks franchises in Sikatuna, Quezon City and Sta. Mesa, Manila since 2020. Having been an OFW for the last six years, however, prevented her from getting the requirements needed from securing a loan capital.
"'Yun 'yung struggle – ang dami ring requirements na hinihingi, kahit naman client ako ng bank na 'yun," she shares. (That was the struggle – there were a lot of requirements that the bank was asking for even if I was already a client of that bank.)
Son even tried borrowing money from friends and family, and paid for an interest just to get additional capital. It was a difficult time especially because she was just starting out her business. Thankfully, it was during this time that she and her husband discovered how Grab offers loan capitals for their merchant-partners.
Hoping for the best for their business, Son applied for the loan from which she was able to receive her capital within two to five days, preventing her from a hassle-filled application.
"I did not have to give anything – details ko lang. And after I submitted the application, siguro two to five days nakuha ko na agad 'yung cash so 'yun 'yung kabilis niya. Hindi rin ako nahihirapan bayaran through my sales, because since daily 'yung sales ko ibabawas na nila 'yung ni-loan ko." Son happily shares.
(I did not have to give anything – just my details. And after I submitted the application, after about two to five days I was able to get the cash loan, it was that fast. I also do not find it hard to pay for the loan through sales, because I can pay for my loan with my daily sales. That is what I liked because sometimes you do not even notice that you are already paying for your loan.)
Today, Son is able to juggle her multiple roles at home – both as a business owner and a mom to her two children – thanks to the help Quick Cash has given her.
"Nagkakaroon ako ngayon 'yung hindi ko nagawa noon when I was in Singapore nung OFW pa ako. Ako na ang naghahatid sa school ng anak ko, simpleng ganon masaya na ako," says Son.
(I have been able to do what I was not able to do in my time as an OFW, such as bringing my kids to school. Simple activities such as that already makes me happy.)
Access to capital made easy and quick
Another merchant that has benefited from the help of Quick Cash is Jennifer Del Rosario, owner of Aling Tonang's Palabok. Del Rosario started the business inspired by her grandmother, who she grew up watching in the kitchen. This daily routine sparked her interest in food and cooking, which led her to continue the family legacy.
However, country-wide lockdowns led to fewer customers which greatly affected her business at the time.
"Due to the pandemic's effect on the business' sales, I needed extra cash for working capital and operating expenses," shares Del Rosario, who echoed Son's sentiments about how other loan providers, such as banks, have tedious processes which do not always guarantee a loan approval.
Much like Son, Del Rosario sought the support of Quick Cash, which immediately provided her with the loan she needed to keep Aling Tonang's Palabok afloat.
"Quick Cash helped my business get back on its feet. It also uplifted the livelihood of my employees which also gave food on the table of their respective families," shares del Rosario. She also adds that Grab's Quick Cash provided her a straightforward process by instantly approving her application, which can be beneficial to business owners who are usually busy.
SEC-licensed lending arm, Grab Financial Services Philippines, Inc. has launched Quick Cash which aims to help and support their community of merchant-partners. Merchant-partners have the freedom to use the cash that they receive to benefit their personal, business, and family's sudden expenses.
Doing the best for one's business and your family does not have to cost a lot or be tedious – Grab's Quick Cash is here to support every merchant-partner and provide them assistance that may help improve their daily lives. To know more about Grab's Quick Cash visit their website.
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