MANILA, Philippines – Epson Philippines, a global technology leader, has unveiled a strategic collaboration with Security Bank to introduce the Strategic Tie-up of Epson Partners and Security Bank (STEPS). This dealer financing initiative is designed to empower Epson’s partners by facilitating financing solutions for goods ordered, mitigating liquidity constraints, and supporting business expansion.
The STEPS Dealer Finance Program aims to equip Epson’s dealers with accessible funds, enabling them to bolster their inventory and efficiently fulfill larger orders without compromising liquidity. Moreover, the program streamlines payment processes by facilitating collections through designated Security Bank accounts. Future plans include the introduction of dealer incentive programs, enhancing the overall offering.
In the Philippines, access to credit remains a challenge for numerous small and medium-sized enterprises (SMEs). The World Bank estimates a significant credit gap of approximately $26 billion for these enterprises, underscoring the necessity for initiatives like Security Bank’s Dealer Finance Program to bridge this gap and stimulate business growth.
Epson’s partnership with Security Bank marks a pioneering step for both entities. This collaborative endeavor aims to address financial constraints hindering the growth of Epson’s partners, particularly the dealers responsible for distributing Epson products to diverse business segments, including corporate clients and SMEs.
John Cary Ong, Executive Vice President and Wholesale Banking Segment Head at Security Bank, highlighted, “The STEPS Dealer Finance Program offers numerous benefits for dealers, providing a standby facility to overcome financial obstacles and effectively manage cash flow. Dealers retain flexibility in their ordering methods and distributor preferences, ensuring minimal disruption to their operations.”
This partnership aligns with Epson’s commitment to deliver innovative solutions that delight customers. Masako Kusama, President and Director of Epson Philippines, expressed excitement about the collaboration: “Our partnership with Security Bank and the launch of the innovative STEPS Dealer Finance Program exemplify Epson’s dedication to providing unique value through inventive solutions. By extending financial support to our partners, we aim to foster growth across segments and contribute to the success of businesses in the Philippines.”