Epson Philippines, an electronics company and printer manufacturer, and Security Bank, a universal bank, have introduced the STEPS Dealer Finance Program, aimed at boosting Epson’s partners by offering financing options to aid in purchasing goods and bridging liquidity gaps.
This collaboration between Epson and Security Bank streamlines payment processes through designated Security Bank accounts, enabling dealers to increase inventory without impacting liquidity and easing the collection of payments.
“STEPS Dealer Finance Program program provides a standby facility for dealers to overcome challenges or obstacles they may encounter when financing their purchases, enabling them to better manage their cash flow and invest in growing their businesses,” said John Cary Ong, EVP and head of the Wholesale Banking Segment of Security Bank.
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Ong noted that dealers can maintain their current ordering methods and choose which distributor to order from, ensuring minimal disruption to their existing operations.”
According to the two companies, access to credit remains a challenge for Philippine-based small and medium-sized enterprises (SMEs), with an estimated $26 billion credit gap. Addressing this, STEPS Program, a first for both Epson and Security Bank, targets financial constraints hindering Epson’s partners, particularly the dealers supplying products to corporate clients and SMEs. By providing funds, the program allows for expanded inventories and handling larger orders, thus better serving their customer base.
“This partnership not only opens up new opportunities for our dealers but also aligns with Epson’s corporate purpose of delivering unique value through innovative and creative solutions,” said Masako Kusama, president and director of Epson Philippines. “By providing financial support to our partners, we can collectively drive growth in the corporate segment and contribute to the success of businesses in the Philippines.”
Photo: (From left) Security Bank’s John Cary Ong, EVP and Wholesale Banking Segment head and Juichi Umeno, director, EVP, and Alliance Segment head; Epson Philippines’ Masako Kusama, president and director, and Eduardo Bonoan, head of Sales Division, Epson Philippines.