Name of Recipient:
Mr. Nick Sum
In the business world, the relationship that a company maintains with their clients is of the utmost importance. By building up a good rapport amongst the clients, the clients are more inclined to remember a business should they happen to need their services. For Credit 89, with their emphasis on superior customer service, building relationships with their clients is of second nature.
Established in 2011 by Mr. Nick Sum, Credit 89 offers a series of loans for anyone in need of financial aid; including personal loans, foreigner loans, as well as business loans for individuals and companies that needs an injection of cash. Started as a one unit, they have since expanded to three units of shop front, and plan to expand even more. Focusing on customer service and relations, Credit 89 has amassed a group of regular customers who chose the company based on their sincerity and honesty.
Previously working as a property agent, Nick’s career path took a turn when he observed houses being terrorized by illegal moneylenders. It made him realize that there are certain disadvantaged groups, such as those who do not have access to bank loans, who are more susceptible to such illegal lending. “In 2010, the casinos were also newly established. I realized that there would be many others who are unable to qualify for bank loans.” With this resolve, Nick established Credit 89, designed to cater to alternative lenders, giving them another solution to their financial worries.
However, Credit 89 soon came into some financial troubles of their own. “As many borrowers did not do their financial health checks, it led to plenty of over borrowings. As a result, we faced a mountain of bad debts.” In addition, the strict government policies on licensed moneylenders tightened even further, banning print media advertising as well as freezing the number of outgoing licenses. This led to a further drop in their input for Credit 89.
To conquer this challenge, Nick knew that he had to protect the company and himself. Joining the Moneylender’s Association of Singapore, Credit 89 gained access to a website database where they are able to check on the credit scores of their potential clients. In order to navigate the print media ban, Credit 89 took to the Internet instead, making it easier for potential clients to inquire about them. Along with returning customers, Credit 89 braved through the storm, and has now come through the other side better and stronger.
One thing that Nick believed characterized Credit 89’s success was the personal touch that they afforded to their clients. “We pride ourselves to be a customer oriented business, and we believe in building personal relationships with our clients. By understanding them more, it also allows them to open up to us. For example, if they have problems with repayments they are more at ease to discuss them than to just simply run off. It is a win-win situation for both of us.”
Three years into operation, Credit 89 has seen many customers come and go, with Nick reflecting that his achievements come in his customer’s gratitude. “Being able to hear a big ‘thank you’ from clients, and hearing from them that our loans have helped them in a big way, this is my greatest achievement so far. For example, we once gave a personal loan to someone who just started a business, and it helped to tide him through the early monthly expenses.”
Now with practical entrepreneurial experience, Nick has seen much of operating a business from day to day. To him, the entrepreneurial journey is one that is fraught with uncertainty. “Starting up means lots of uncertainty. And to overcome uncertainty, we need to have passion, commitment, and trust in what we do. The passion to overcome all obstacles, the commitment to take care of your business and your staff, and inviting trust from your clients, letting them feel at ease trading with you.”
Aiming to build on their current success, Nick has planned out the future for Credit 89. “We are already searching for a bigger unit to move into, probably one that is closer to a MRT station with more traffic flow. Other than that, due to more changes on the horizon with the government policies, especially during economic downturns, it is hard to truly predict what will happen in the future.”
Although the future remains uncertain for the moneylending industry, Nick will definitely continue to conquer all obstacles ahead with passion, commitment and trust. Under Nick’s leadership, Credit 89 will no doubt continue to remain a credible and stable company in the competitive moneylending industry.
200 Jalan Sultan #04-218
Textile Centre S(199018)
T| 6398 0909