Epson Philippines, a global tech leader, has joined forces with Security Bank to introduce the Strategic Tie-up of Epson Partners and Security Bank (STEPS). This initiative aims to empower Epson’s partners by offering dealer financing, easing the financial burden and fostering business growth. The program enables Epson dealers to access funds, facilitating larger inventories and seamless handling of substantial orders while safeguarding their liquidity. Additionally, it streamlines payment processes by allowing dealers to collect payments via designated Security Bank accounts, with plans for future dealer incentive programs.
In the Philippines, small and medium-sized enterprises (SMEs) often face challenges accessing credit. The World Bank estimates a significant credit gap of approximately $26 billion for SMEs in the country, emphasizing the necessity for initiatives like Security Bank’s Dealer Finance Program to bridge this gap and bolster business expansion.
This collaboration between Epson and Security Bank marks a groundbreaking venture for both entities. The STEPS Dealer Finance Program specifically addresses the financial constraints hindering the growth of Epson’s partners, particularly the dealers responsible for distributing Epson products to diverse businesses, including corporate clients and SMEs. Through this program, Epson dealers gain access to crucial funds that enable them to serve their customer base better by expanding their inventory and managing larger orders.
John Cary Ong, Executive Vice President and Wholesale Banking Segment Head, highlighted the advantages of the STEPS Dealer Finance Program for dealers. He emphasized that the program offers a standby facility to overcome financial obstacles, allowing dealers to manage cash flow effectively and invest in scaling their businesses. Importantly, dealers retain flexibility in their ordering methods and distributor choices, minimizing disruptions to their ongoing operations.
The partnership between Epson and Security Bank underscores Epson’s commitment to delivering customer satisfaction. By teaming up with Security Bank, Epson reaffirms its dedication to supporting partners and fostering growth across different business sectors.
Masako Kusama, President and Director of Epson Philippines, expressed enthusiasm for the innovative STEPS Dealer Finance Program in collaboration with Security Bank. Kusama highlighted that this partnership not only opens new avenues for dealers but also aligns with Epson’s corporate ethos of providing unique value through innovative solutions. By extending financial support to partners, Epson aims to collectively drive corporate segment growth and contribute to the success of businesses in the Philippines.
