Fintech and consumer products platform Packworks continues to provide its clients with financing options to help them scale-up and improve their operations. It has recently collaborated with Cebuana Lhuliier and 1Sari Financing Corporation to provide sari-sari stores access to secure, reliable, and affordable microloan services.
“Sari-sari stores significantly contribute to the economic fabric of the Philippines. Our objective is to enhance financial inclusion, tap into untapped growth potential, and fortify the foundation of our retail industry. We are actively pursuing these goals through strategic partnerships aimed at providing accessible and affordable financial services to empower the sari-sari store sector,” said Packworks co-founder and CEO Bing Tan.
Packworks is currently in discussions with other service providers to bring more options to its network of micro-retail stores, in time for the Holiday rush.
Enabling sari-sari stores to access essential financial services allows them to efficiently replenish their inventory, ensuring they are well-prepared to meet the heightened demand for various items during this festive period, Tan said.
In line with their commitment to promote financial inclusion and empowering sari-sari stores, Packworks is partnering with social development organization Bayan Academy through its SariSkwela program. The initiative provides sari-sari stores access to learning modules on microentrepreneurship, further equipping them with the knowledge and skills needed to enhance their businesses.
Packworks has been empowering “saripreneurs” since 2018 through its integrated mobile app ecosystem that allows them to process their business’s inventory, bookkeeping, and data collection.
In August 2023, the company was cited by Forbes Asia as one of the companies and startups to watch out for in its 100 to Watch List 2023.