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Manila Bulletin devider Business devider Trade & Industry devider Lending firms to grant non-collateral loans to MSMEs

Lending firms to grant non-collateral loans to MSMEs

Published Aug 11, 2023 03:23 am

At A Glance

  • GCash and its affiliate FUSE Lending  signed a Memorandum of Agreement (MOA) with Esquire Financing to extend non-collateral business loans to small, and medium enterprises (SMEs) so they can expand their operations.<br> 

GCash and its affiliate FUSE Lending  signed a Memorandum of Agreement (MOA) with Esquire Financing to extend non-collateral business loans to small, and medium enterprises (SMEs) so they can expand their operations.

Esquire Financing enables GCash to extend credit to SMEs, removing the barriers to business growth by giving them access to capital.

GCash lineup of lending products currently includes GCredit, which offers a revolving credit line, GGives, which enables users to break down payments into easy installment plans, and GLoan, which offers all-purpose cash loans based on the user's credit score. 

"This will be a perfect synergy between our strengths in providing credit for entrepreneurs," says FUSE Lending CEO Tony Isidro.

Established in 2011, Esquire Financing has since become the biggest non-bank lender in the SME space. 

It introduced non-collateral business SME loans ranging from P100,000 to P10 million.

But "The future is on mobile disbursements as well as mobile collections," acknowledged Esquire Financing Chairman and CEO Rajan Uttamchandani.

For this reason, "We see the partnership with GCash and FUSE will be very fruitful as we unlock more accessible ways for business owners to access much-needed funds." 

By combining GCash’s large customer base and ease of using the app, FUSE’s strength in retail lending, along with Esquire Finance’s expertise on SME lending, the partnership is poised to empower millions of entrepreneurs across the country.

The GCash (G-Xchange, Inc.) Finance App enables users to buy prepaid airtime; pay bills at over 1,600 partner billers nationwide; send and receive money anywhere in the country, even to other bank accounts; purchase from over 6 million partner merchants and social sellers; and get access to savings, credit, loans, insurance and invest money, via their smartphones.

GCash, a wholly-owned subsidiary of Mynt (Globe Fintech Innovations, Inc.), the first and only duacorn in the Philippines, is a part of the Globe Group.

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