Grab Financial Group reveals three-fold increase in loans for restaurant partners in Thailand during the first four months (January-April 2022) from the previous year. This is in line with the growing number of restaurant partners on the food delivery platform. and the need for personal loans to enhance liquidity amid challenging economic conditions. Moving forward to provide credit services to restaurant operators, raising the selling point of “easy to apply – quick approval – convenient daily installments”
Mr. Worachat Lakkanarot, Managing Director of Grab Financial Group Thailand, said, “Grab Thailand has been providing credit to restaurant partners since 2020 to encourage entrepreneurs or restaurant owners to In particular, small restaurants on our platform have access to funding sources to enhance liquidity and expand their business. Grab’s restaurants grew 3x compared to the same period last year, with three-quarters of Grab’s restaurants credited in the provinces.
The significant increase in credit growth was a result of the global economic crisis. coupled with the impact of the ongoing covid situation This makes entrepreneurs need working capital to manage their business liquidity and spend their daily lives. This is in line with rising consumer credit demand throughout 2021, as stated in the Bank of Thailand’s Credit Conditions and Trends Survey Report. And the number of restaurant partners joining the GrabFood platform continues to grow as well.
“Instant Cash Loan for Grab Store Partners” is a short-term cash loan. It has a repayment period of 3-6 months, with a credit line of up to 100,000 baht, with a maximum interest rate of 2.8% per year, which meets the requirements of the Bank of Thailand. This year, Grab continues to offer retail loans by highlighting 3 key strengths: “Easy to Apply – Quick Approval – Convenient Daily Installments”.
- Easy to Apply: Restaurant operators who are Grab partners can access funding through the Grab Merchant App without collateral. or submit additional documents for application Just have food sales through GrabFood at a minimum of 5,000 baht per month and have had transactions with Grab for at least 3 consecutive months in the past.
- Quick Approval: Restaurant partners can get credit approval within 1 day after confirming the credit line. The system relies on the merchant partner’s information to assess the risk and set a limit according to the financial potential and needs of each merchant. This allows entrepreneurs to have instant access to ready-to-use funding sources.
- Daily Easy Installments: The minimum installment amount starts at only 30 baht per day, and the money will be automatically deducted from the store’s income. So restaurant partners can manage their expenses without worry. No need to pay big monthly installments
However, Grab Financial Group plans to adjust the maximum credit limit above 100,000 baht for large merchants to match the size of the business. including extending the repayment period for small merchants for flexibility To spin more cash flow and can grow into a large store. as well as encouraging merchant partners to have greater access to financial services. This will benefit the development of the business. ready to continue to meet the needs of consumers
