Packworks, a Filipino startup facilitating a B2B FMCG marketplace for sari-sari stores (also known as neighborhood stores), has teamed up with 1Sari Financing Corp. to provide inventory financing services to over 270,000 unbanked sari-sari stores in the Philippines.
This collaboration allows these stores, often lacking access to financial services, to obtain a starting credit line of P2,500 through 1Sari’s in-app financing product offered on Packworks’ platform. With this credit, stores can augment their inventory, ensuring they are well-prepared for customer demands during the holiday season.
The partnership introduces a prompt payment rebate scheme, incentivizing timely and full repayments. Stores can receive rebates of up to P75 when they meet payment deadlines, which can be applied toward their subsequent inventory financing.
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“Our collaboration with 1Sari Financing Corporation ensures that even the smallest establishments have the tools and resources they need to thrive,” said Hubert Yap, co-founder and chief platform officer, of Packworks.
The initiative’s timing is strategic, coinciding with the bustling Christmas season, a peak period for businesses. Granting these stores access to financial resources enables them to meet heightened customer demands, maximizing the commercial opportunities of the season.