Did you know? You can use your corporate credit card facility to gain cashflows for your supplier payments, staff salaries, rentals and more. If you’re a SME (small or medium enterprise business) owner who has been affected by Covid-19 and you’re not keen on going to the bank for a short-term loan to tide over the next few months, try tapping on your unused corporate credit card limit instead.
SME owners have definitely been the worst-hit in this current crisis, with cashflows drying up and business owners struggling to raise working capital to tide over the next few months. A recent report shed light on how it has never been easy for SMEs to secure loans or credit, what more now…and that no more than 15% of SMEs in fast-growing economies had access to the credit they required even in good times.
In challenging times like these, don’t forget to check if you can tap into your existing credit line(s) to use as working capital for your business....