Choco Up, Asia’s growth financing platform, has secured a $15m credit facility from AlteriQ Global, a private credit investment company, to expand access to capital for Singapore’s small and medium-sized enterprises (SMEs).
The facility has already seen its first drawdown completed and is expected to reach around 500 Singapore SMEs through growth and working capital financing solutions. The announcement has been timed ahead of United Nations MSME Day on 27 June, which recognises the contribution of entrepreneurs and small businesses to economic growth, employment and innovation.
The deal comes as demand for alternative financing among Singapore SMEs continues to climb. Choco Up reported an 85% year-on-year rise in financing applications from local businesses, with AI and technology-related investments among the most frequently cited use cases.
The Singapore Business Federation’s National Business Survey identified manpower costs, customer demand uncertainty and rental costs as the foremost concerns for businesses, yet revenue expansion, technology adoption and overseas expansion remain priorities for many firms.
Choco Up is a growth financing platform focused on SMEs across Asia. Since launching, the company has disbursed more than SGD 100m to local businesses spanning a range of sectors and growth stages. It offers alternative financing solutions designed to complement traditional lending channels.
Choco Up CEO and founder Percy Hung said, “Singapore SMEs continue to demonstrate remarkable resilience and ambition. Financing applications from Singapore SMEs increased by 85% year‑on‑year, with AI and technology‑related investments becoming increasingly common use cases. This partnership strengthens our ability to support entrepreneurs with financing solutions that help them act on opportunities with greater confidence and speed. It also reinforces our commitment to supporting the next phase of growth for Singapore’s SME community.”
AlteriQ Global managing director Zhi Yong Heng said, “SMEs remain one of the strongest drivers of innovation, employment, and economic activity, yet many continue to face challenges accessing capital that aligns with their growth journey.
“We believe Choco Up has built a strong platform with a clear understanding of SME financing needs. We look forward to supporting the company’s continued growth and, in turn, the entrepreneurs and businesses it serves.”
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