SB Finance Corporation, a subsidiary of Security Bank Corporation, has partnered with e-commerce giant Lazada to provide Filipino marketplace sellers with multi-purpose loans of up to P500,000.
In a statement, the firm said the loan is seen to help grow these businesses and encourage continued economic growth amid the pandemic.
Under the partnership, Lazada micro and official sellers can avail of SB Finance’s multi-purpose loans at a low introductory interest rate of 1.89 percent.
Sellers may avail of up to 12-month payment schemes and can expect funds to be credited to their accounts within 3 banking days.
“When the pandemic hit the Philippines, many small businesses had to pivot, close their physical stores and move to e-commerce channels,” said SB Finance President and CEO Abbie Casanova.
She addd that, “With the shift of consumer behavior to online shopping, the demand for e-commerce business expanded. Through our partnership with Lazada, we hope to help sellers gain more access to capital to grow their business and bounce back from the economic effects of the pandemic.”
According to multinational card payment organization Visa Inc., in July 2020, 73 percent of Filipino consumers are highly likely to sustain or increase their pandemic level of online shopping once restrictions are eased.
This gives e-commerce sellers in the Philippines more opportunities to grow their businesses online and enjoy increased profits.
“Through this partnership with SB Finance, we’re happy that we are able to provide our sellers access to multi-purpose loans that help them finance their online business. Our core mission at Lazada is to uplift Filipino MSMEs, helping them grow and scale on the digital space,” said Lazada Philippines CEO Ray Alimurung.
Lazada’s presence in the Philippines continues to be a strong e-commerce force in the country, with over 100,000 monthly active sellers under its umbrella.
SB Finance is a joint venture between Security Bank Corporation and Thailand’s Bank of Ayudhya (Krungsri).