Recently in the past weeks, we have seen positive COVID-19 cases spreading rapidly at wet markets, bus terminals and education institutes. Yet, the F&B industry seem to bear the brunt of social distancing restrictions and rules. Since Apr 2020, the group sizes of diners permitted at eateries have been adjusted 10 times. Receiving fines and temporary forced closures due to social distancing lapses were also strictly enforced on F&B businesses compared to other industries.
F&B operators are crippled by seemingly endless measures with a lack of short-term to immediate funding to help sustain their business.
BRDGE, an MAS-licensed crowdfunding platform with a large community of local investors, understands the struggles and hurdles for local SMEs to raise funds for short-term financial assistance.
FUNDED TO BUSINESSES SINCE 2017
To help F&B owners, BRDGE is offering special interest loan rates starting from less than 1% per month. Coupled with easy and simple credit assessment, BRDGE enables our F&B fellows to grow and sustain their business during this pandemic.
"SMEs need to be productive in order to remain competitive"
In today’s business climate, SMEs face multiple challenges such as tight labour issues, limited access to financing, rising costs and increasing competition. SMEs need to be productive and grow quickly in order to remain competitive in their field. These challenges are not easy to overcome when you are a young company. We are lucky to be able to secure crowdfunding to help us grow our business in the early days.
- Mr Lee Yue Cheng
Mezzo Interiors Pte Ltd
"BRDGE has the facility to pay back early with no penalties"
Banks and finance houses impose penalties for paying back early. BRDGE, on the other hand, has the facility to pay back early, and that was fantastic. We repaid our loan 3 months in advance before our loan matured, and that is massive, because it allowed us the flexibility of being able to choose between debt, equity and what stage we really want to pay interest or do not.
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