SlimTrader has partnered with One Finance to provide assistance to hotels struggling to cover operating costs in the current economic climate.
SlimTrader is an automation and distribution enabler for businesses while One Finance operates in the merchant cash advance space. With this partnership, they will give hotels access to up to N20 million cash advances to alleviate their cash flow challenges.
The loan facility will be channelled through One Finance’s Flex Advance product and is open to hotels currently on SlimTrader’s hotel management and sales platform, MoBiashara for Hotels (MFH).
Approved hotels will be able to access funding based on their monthly average sales to enable them grow their business, buy equipment, and meet their urgent business cash needs. Agreed-upon percentages will be deducted from the hotels’ proceeds on the MFH platform before the rest is remitted to the hotel. The process will be repeated for all sales made by the hotel until the loan is repaid.
General Manager, Commercial at SlimTrader, Magaji Buba explained that the partnership is to enable hotels manage operations in a simpler and more efficient way. He says, “SlimTrader is an all-round technology and business enabler for sub-Saharan African businesses. Our MFH hotel platform guarantees hotels increased local and international visibility to drive more room bookings. We are delighted to be able to partner with One Finance in making their innovative loan facility available to our partner hotels”.
Explaining how the loan process works, Chijioke Dozie, CEO of One Finance, said, “The facility is easy for hotels to secure, with no collateral or guarantor required and no application or hidden fees. The cash is disbursed within 24 to 48 hours of approval and repayment, which is completely flexible, is collected as a percentage of the hotel’s daily transactions.”
Interested hotels can access the loan facility by contacting SlimTrader here.
