.png?width=2000&height=312&name=Untitled%20design%20(6).png "Untitled design (6)")
AlteriQ Global and Choco Up Form Strategic Financing Partnership Through USD 15 Million Credit Facility
Ahead of MSME, the new facility will support approximately 500 Singapore SMEs as Choco Up reports an 85% year-on-year increase in financing applications from local businesses.
Choco Up, Asia’s leading growth financing platform, has raised a USD 15 million credit facility from AlteriQ Global, a seasoned private credit investment company. This marks a strategic financing partnership to expand access to growth capital for Singapore's small and medium-sized enterprises (SMEs). The first drawdown has already been completed.
The announcement comes ahead of United Nations Micro, Small and Medium-sized Enterprises (MSME) Day on 27 June, which recognises the role of entrepreneurs and small businesses in driving economic growth, innovation, and employment.
For many SMEs, growth remains a priority despite a more cautious operating environment. According to the Singapore Business Federation's National Business Survey1, manpower costs, customer demand uncertainty and rental costs remain the top concerns among businesses. Despite these challenges, companies continue to invest in growth. Revenue expansion, technology adoption, and overseas expansion remain key priorities for many firms. This momentum has also been reinforced by Singapore's continued push towards enterprise transformation, digitalisation, and internationalisation2.
As SMEs invest in future growth, access to timely financing remains a critical enabler of execution. More businesses are turning to alternative financing solutions to support these ambitions. The new facility is expected to support approximately 500 Singapore SMEs through growth and working capital financing solutions.
"Singapore SMEs continue to demonstrate remarkable resilience and ambition," said Percy Hung, CEO and Founder of Choco Up. "Financing applications from Singapore SMEs increased by 85% year‑on‑year, with AI and technology‑related investments becoming increasingly common use cases. This partnership strengthens our ability to support entrepreneurs with financing solutions that help them act on opportunities with greater confidence and speed. It also reinforces our commitment to supporting the next phase of growth for Singapore's SME community."
Since opening its doors, Choco Up has disbursed more than SGD 100 million to local businesses, supporting companies across a range of sectors and growth stages. This partnership with AlteriQ Global reflects growing institutional confidence in alternative financing models that complement traditional lending channels and support the evolving needs of SMEs.
"SMEs remain one of the strongest drivers of innovation, employment, and economic activity, yet many continue to face challenges accessing capital that aligns with their growth journey," said Zhi Yong Heng, Managing Director of AlteriQ Global. "We believe Choco Up has built a strong platform with a clear understanding of SME financing needs. We look forward to supporting the company's continued growth and, in turn, the entrepreneurs and businesses it serves."
Together, AlteriQ Global and Choco Up share a common goal of broadening access to capital for Singapore entrepreneurs. As businesses continue to invest in transformation, innovation and growth, the partnership aims to provide the financial support needed to help more SMEs strengthen resilience, improve competitiveness, and seize new opportunities.
2 https://www.enterprisesg.gov.sg/financial-support/enterprise-financing-scheme---sme-working-capital
About AlteriQ Global
AlteriQ is an Asia-focused private credit strategy with a strong edge in Southeast Asia. AlteriQ is dedicated to building a fully integrated financing ecosystem as a capital partner with regional presence, proprietary network of relationships, and risk management expertise. AlteriQ offers tailored financing solutions to portfolio companies and partners and unlocks value through its resources and ecosystem. Please visit www.alteriqcapital.com for more information.