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The card is available on a credit line on the FinTech platform ' s website and mobile app and entitles qualified MSMEs to interest-free credit for a period of up to 55 days . Unlike bank alternatives , no personal guarantees are required for limits under S $ 30,000 . Funding Societies ' Elevate will close the 80 % corporate credit card gap in the country ' s MSME sector , which currently sees many business directors take on personal liabilities on their credit cards to unlock cash flow for the company .

Elevate is enabled by Banking-asa-Service provider , MatchMove , and developed in partnership with Mastercard . It offers small businesses rapid access to credit limits , where approvals of applications are given within one business day . Business owners can easily apply for the card and credit line via Funding Societies ' website using Myinfo Business and begin tracking and managing all expenditures within the platform ' s dedicated mobile app .

The introduction of Elevate comes at the right juncture as MSMEs still face difficulties in obtaining a corporate credit card from traditional financial institutions due to their substantially lower spending and the need for customised credit terms , despite being the largest contributor to Singapore ' s economy , comprising 99 % of total enterprises and contributing 70 % of total employment in 2020 . Elevate combats pertinent frustrations that small business owners face in the form of insufficient payment terms from suppliers and inadequate credit limits on personal cards .

" In an environment where traditional providers issue corporate lines to only large businesses with a strong credit track record or offer debit cards with deposit accounts , Funding Societies ' Elevate serves an urgent and important need of micro and small businesses in Singapore who need flexible credit to pay for their expenses ,” said Shrawan Saraogi , Funding Societies , Group Head of Strategy , New Business .

“ When business owners do not take on personal liability on their credit cards , their business becomes more sustainable .

" Our SMEs can create such an impact on regional economies largely because we work with them to develop financing solutions they need . This product is a business card designed specifically for SMEs to take their businesses to the next level .”

Furthermore , Elevate closes the loop for the 83 % of MSMEs in Singapore who are increasingly digitising their operations by compacting all company transactions and expenses onto a single-view online dashboard . �