Choco Up, Asia’s leading growth financing platform, has raised a $15 million credit facility from private credit investment company AlteriQ Global to expand access to growth capital for Singapore’s small and medium-sized enterprises (SMEs), with the first drawdown already completed.

In a statement on Tuesday, Singapore-based Choco Up said the facility can support approximately 500 Singapore SMEs through growth and working capital financing solutions. Percy Hung, CEO and Founder of Choco Up, said financing applications from Singapore SMEs increased by 85 percent year-on-year, with AI and technology-related investments becoming increasingly common use cases.

Since opening, Choco Up has disbursed more than SGD100 million ($78 million) to local businesses across a range of sectors and growth stages.

Zhi Yong Heng, Managing Director of AlteriQ Global, said 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, and that Choco Up has built a strong platform with a clear understanding of SME financing needs.

According to the Singapore Business Federation’s National Business Survey, manpower costs, customer demand uncertainty, and rental costs remain the top concerns among businesses, though revenue expansion, technology adoption, and overseas expansion remain key investment priorities.

Singapore SMEs most cautious about international expansion among global peers