Funding Societies, Southeast Asia’s largest SME digital financing platform, is partnering with NocNoc.com. Funding Societies offers a range of collateral-free financing to help SMEs with their business expansion, working capital needs, or up-front project costs. NocNoc.com is an end-to-end online marketplace that specialises in construction material and home decoration products, connecting manufacturers, service providers, and homeowners through artificial intelligence (AI) technology with industry-led operation quality.
Together with NocNoc.com, Funding Societies launches a program to offer financing to over 1,000 NocNoc merchants. Under this partnership, interested SME sellers on NocNoc.com can easily obtain financing from Funding Societies. Funding Societies can provide the SMEs with:
- Business financing from 100,000 to 30 million baht
- Period from one month to 12 months
- No collateral required
- Approval within three days (after receiving all documents)
- Easy application via LineOA of Funding Societies
“Our uncollateralized E-seller Line products answer directly to the short-term working capital needs of online SMEs, especially in capital intensive categories such as the furniture market. Funding Societies also offer a range of collateral-free financing to online and offline SMEs, including Term Loan, Invoice Financing, Buyer Financing and Project Financing. We are committed to providing small and medium sized companies with opportunities to access capital faster and simpler,” says Varun Bhandari, Country Head of Funding Societies Thailand
Digital financing is expected to be a significant value addition to NocNoc.com’s offerings to sellers. Furniture sellers always face a short term funding gap as they have to pay upfront to manufacture the items. Sellers can also benefit from bulk purchasing and boosting stocks to sell more during special campaigns such as 6/6 or 11/11. “Access to short term financing from Funding Societies allows sellers to promptly fulfil their order, reduce purchasing costs and boost sales,” said Thitikorn (Keng) Setthalikhit, NocNoc.com Head of Seller Operations
Sellers can apply for financing from Line OA of Funding Societies or NocNoc Seller Support. Funding Societies will evaluate sellers based on the company’s financials and recent sales on NocNoc.com, reducing approval time to as quick as three days. NocNoc.com sellers can submit their applications online starting today.