Global technology leader Epson Philippines has partnered with Security Bank to launch the Strategic Tie-up of Epson Partners and Security Bank (STEPS), a dealer financing initiative that supports Epson’s partners to grow their businesses by providing them with financing that aids in the payment of goods ordered and bridging the liquidity gap. The initiative equips Epson dealers with accessible funds to increase their inventory and fulfill large orders without affecting their liquidity. The payment process will also be streamlined, allowing dealers to collect payments through designated Security Bank accounts. Furthermore, there are plans for dealer incentive programs in the future.
Access to credit remains a challenge for many small and medium-sized enterprises (SMEs) in the Philippines. The World Bank estimates that the credit gap for SMEs in the country is around $26 billion, highlighting the need for programs like Security Bank’s Dealer Finance Program to bridge this gap and support business growth.
To address this tension, Epson and Security Bank have partnered for this unique offering, marking a first for both companies. The STEPS Dealer Finance Program tackles the financial constraints hindering the growth of Epson’s partners, particularly the dealers responsible for supplying Epson products to various businesses, including corporate clients and SMEs. By offering Epson dealers access to funds, the program enables them to better serve their customer base with a more extensive inventory and the ability to handle larger orders.
“STEPS Dealer Finance Program offers numerous benefits for dealers. The 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, Executive Vice President and Wholesale Banking Segment Head. “Dealers can maintain their current ordering methods and choose which distributor to order from, ensuring minimal disruption to their existing operations.”
The partnership between Epson and Security Bank reflects Epson’s goal to produce results that bring delight to customers. By collaborating with Security Bank, Epson demonstrates its commitment to supporting its partners and fostering growth across segments.
“We are excited to collaborate with Security Bank to launch this innovative STEPS Dealer Finance Program,” stated Masako Kusama, President and Director of Epson Philippines. “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. 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.”