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Manila Bulletin devider Business devider Women-led businesses get $115 million boost from ADB, Asialink

Women-led businesses get $115 million boost from ADB, Asialink

Published Dec 9, 2024 05:28 am

Manila-based Asian Development Bank (ADB) has secured a $115 million (over P6.676 billion) financing deal with homegrown non-bank Asialink Finance Corp. (AFC) to boost the latter’s working capital and support small businesses, particularly those owned by women.

ADB Director General for Private Sector Operations Suzanne Gaboury and Asialink CEO Robert B. Jordan Jr. signed the financing package, which includes a $50 million loan from ADB, $50 million from HSBC through the HSBC ASEAN Growth Fund, and $15 million from Security Bank Corp.

The financing was led by ADB as the mandated lead arranger, bookrunner, and structuring bank, with HSBC as joint mandated arranger and bookrunner, and Security Bank Capital Investment Corporation as a mandated lead arranger.

According to ADB, the project is expected to boost Asialink’s total loans to small and medium-sized enterprises (SMEs) from P8.8 billion (approximately $150 million) to about P13 billion, with over half of the funds allocated to women-owned SMEs.

“This will nearly double Asialink’s female entrepreneur borrowers to at least 20,000 and introduce tailored offerings to women business owners,” ADB stated.

Financing gap

“Nonbank financial institutions play a key role in providing services to unbanked SMEs. This partnership between ADB and Asialink will enhance SMEs’ access to finance, especially for women entrepreneurs who face greater challenges in obtaining capital,” said Bhargav Dasgupta, ADB Vice President for Market Solutions.

ADB also noted that the financing gap for SMEs in the Philippines is estimated to be between P67 billion and P180 billion.

Recent surveys revealed that half (50 percent) of male-owned businesses use bank accounts, compared to just 24 percent of female-owned ones. Additionally, only 14 percent of male-owned SMEs have been approved for bank loans, a figure that drops sharply to percent for female-owned SMEs.

“This partnership with ADB marks a transformative milestone in Asialink’s mission to empower SMEs across the Philippines, especially women-owned businesses that remain underrepresented in the financial sector,” Jordan said.

He added that Asialink is optimistic that the collaboration will help the nonbank financial institution expand nationwide, offer personalized loans, and innovate loan processes to provide entrepreneurs with reliable financial solutions.

Related Tags

Asialink Finance Corp. Asian Development Bank (ADB)
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