Pumping money into business is the bloodline that keeps its business activities alive. Securing the money to start and sustain a business is crucial to give one the power to acquire essential and necessary equipment and raw materials to be able to supply customer demands or deliver services to clients as well as to hire people. Those with existing businesses may also need further funding in order to allow business expansions and improvements. The current pandemic has made it even more challenging for entrepreneurs to grow their businesses. Businesses are facing various difficulties which impacts capital investments of the owners.

 

On 22 May 2020, the Employers Confederation of the Philippines held the last episode of the webinar series on “Prescriptions for Business Survival and Sustainability in a Pandemic”, entitled “Finding Capital to Start my Business: Getting Venture Capital for your Enterprise”.

 

The session dwelt on what the future of capital funding holds for businesses, especially MSMEs, in the country. The real question rather is, “Who gets the funding?” instead of, “Is there funding available for allocation?”. The discussion revealed that businesses which will get funding are either those not affected by COVID-19 pandemic or those impacted positively by it. It is worthy to note that certain businesses were able to ride the waves of technology and digitalization which have helped their businesses thrive. Mr. Vikrant Potnis, the main resource speaker, presented the theory of “Once we are out” wherein people are expected to flock outside and do things that they were not able to do outside due to COVID-19, such as dining out, watching movies, and even shopping. This will help businesses in their recovery phase and revive the financial flow.

 

Aside from the crucial assistance through stimulus packages that banking institutions offer to assist businesses, the concepts of accelerator and incubator have also been introduced. The utilization of these concepts pushes people to venture in start-up businesses confidently because of the support they get. It has been strongly emphasized during the webinar that such practices must be further embedded in the Philippine context for this will be beneficial both for the people and in boosting the economy of the country.

 

MSMEs in the country need financial support now more than ever. Making available capital funding is a source of relief for businesses who are barely managing through this crisis. It is important that businesses receive support in any way possible for they play a big role in sustaining the financial lifeline of the country.

 

 

Visit our COVID-19 Resource center

COVID-19 Center