Giving Businesses a New Lease on Life with Boost

When the pandemic hit two years ago, it was difficult to imagine the impact it would have on small businesses. Many had to shutter their stores, whilst others grappled for a lifeline to keep their business afloat during this turbulent period. 

In dire need to survive, thousands of business owners looked for much needed capital to keep their lights on and make ends meet. Boost Credit, with its signature ‘Capital’ loan product, was one such company that answered this clarion call. 

Capital by Boost Credit is a shariah-compliant AI based digital lending solution that enables small merchants to apply for financing from as low as RM1,000 up to RM200,000. With a 5-minute application journey, zero collateral, and cash disbursement in a merchant’s account within 48 hours, Capital provided a compelling proposition for businesses to apply and receive financing from the confines of their houses or business premises during the height of the lockdowns. 

One such business to receive this financing was Orissa Wicomm M Sdn Bhd, a telecommunications integrator established in 2011, that focused on energy reduction, energy efficiency, and providing equipment and services that help telcos reduce cost.

When the pandemic hit at the beginning of March 2020, Nallendran A/L Satturukanasingi, Owner, Founder and CEO of Orissa, realised that there was an urgent cash flow issue that he needed to address. As he was looking at options to stabilise the company’s financials, he reached out to multiple banks for support and found it to be a tedious journey ahead with extra documents and unfamiliar jargon. As he continued his search, he discovered Boost.

“We went into this journey with an open mind, not sure if they (Boost) were going to treat us like how banks did. Amazingly, the journey was very simple and easy with a lot of trust involved. We’re glad to be part of this as it has allowed us to reach a stable level in our company’s financial situation. We’re very thankful to Boost for helping us get the funding required,” said Nallendran.

While companies like Orissa struggled with their finances, businesses categorised under ‘essential services’ faced their own dilemma. Established in 2016, PotBoy Groceries started as an online grocer that expanded into an offline physical mart. One of the challenges that they faced was to get working capital to buy more stocks so that they distribute groceries in a more efficient way.

For Founder and CEO of PotBoy Grocery Mart Sdn Bhd Eddie Chew, his journey with Boost started back in 2018, even before the pandemic began. “Boost approached me with a program called ‘Buy Now, Pay Later’ for my customers. And I was thinking, if Boost can help my customers, then they can also help PotBoyMart with working capital to grow the business.” he said.

Since they received capital from Boost, its first flagship store, PotBoyMart, was opened in April 2021, and has since expanded to more than 70 outlets across Malaysia. Eddie says, “Our business is in a very competitive industry. If you ask me to describe it in three words, it is to ‘always stay alert’.”

While both Orissa and PotBoy operate in different industries, the root of their challenges stems from funding gaps. Since engaging with Boost, Nallendran says that as of today, Orissa is in a better financial position and has handed the reins back to those who run the finance department and shifted his focus back to sales and his customers.

“I would like to thank Boost for believing in us and our company, and for the trust they’ve put in us, especially after the experience we’ve gone through with the banks. It was very easy to work with Boost, we really appreciate it,” said Nallendran.

Eddie shares the same sentiment, saying “Registering with Boost is seamless; all you have to do is log on to the Boost website and submit all the documents and details required. They have helped us to boost up our working capital and today, PotBoy is able to distribute more than 800 brands and over 20,000 items to the community.”

With financial solutions catered to individual business needs, Boost continues to pave the way for merchants to achieve their aspirations and goals. For more information on how you can apply for micro-financing solutions, visit https://credit.myboost.co/pasar/capital. 

This content is provided by BOOST Malaysia

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