FINANCIAL TECHONOLOGY lending firm First Circle launches a groundbreaking revolving credit line - previously only accessible to large companies - to support at least 10,000 micro, small and medium enterprises nationwide amidst the Covid-19 pandemic.
“This challenge in financial inclusion inspired and pushed the team to innovate and find ways to deliver financial inclusion to those who need it the most using technology,” said Benedict Carandang, First Circle Vice President for External Relations.
He said the company utilizes alternative data sources that feeds into its advanced proprietary underwriting systems to assess the credit worthiness of borrowers in just a few days compared to weeks or months by incumbents.
With First Circle, business-to-business companies who were previously underbanked, are now empowered with up to P5 million credit line that they are able to draw down from anytime, for a term of up to 6 months in case their business demand calls for it.
The Department of Trade and Industry, Securities and Exchange Commission, and the Credit Information Corporation expressed their support for this trailblazing innovation that will change the game for the country’s economic growth and at the same time boost economic recovery from the pandemic.
First Circle was recently named as one of the inclusive start-ups globally in the 2020 Cohort Inclusive Fintech 50, the only company from the Philippines selected from over 400 financial technology firms from 111 countries. The firm was recognized for their impact on unserved and underserved businesses and individuals even before the pandemic.
Since their signed first memorandum of understanding with DTI back in 2018, the finance firm had extended borrowings to 6,000 Small and medium-sized enterprises and disbursed over 16,000 loans. In terms of amount, First Circle has provided P4.5 billion worth of loans to the micro, small and medium enterprises industry since the contract signing a few years ago. (Additional reporting from Rhoderick Benez.)
Like Us on Facebook: The Mindanao Examiner
Like Us on Facebook: The Zamboanga Post
Follow Us on Twitter: Mindanao Examine
Mirror Site: Mindanao Examiner Blog
Digital Archives: Mindanao Examiner Digital
Media Rates: Advertising Rates
No comments:
Post a Comment