FundSpace, RFC add loan services for MSMEs

FundSpace, loan aggregator of Globe Telecom Inc.’s subsidiary 917Ventures, is offering additional financing options for micro, small, and medium-sized enterprises (MSMEs) in partnership with Radiowealth Financing Company (RFC).

In a statement from Globe, FundSpace said the services seek to expand its reach to underserved local businesses and help entrepreneurs secure financing.

These financing options include chattel mortgages and real estate loans, wherein MSMEs can avail of loans worth P300,000 to P5 million offered by RFC through FundSpace, with terms from three to 36 months.

Interest rates are 1.92 percent for chattel mortgages and 2.25 percent for real estate mortgages.

FundSpace can also provide access to auto and medical loans from RFC.

By using FundSpace’s platform, MSMEs are able to experience streamlined loan application procedures with their preferred loan and financial partners.

“Our partnership with RFC represents a significant step for FundSpace and the Filipino SME sector. By adding RFC’s loan products to our platform, we aim to boost more business’ growth and foster further financial inclusion,” said FundSpace Entrepreneur-in-Residence Martin Luchangco.

RFC, a non-bank financial institution that focuses on micro-financing catered to help underprivileged Filipinos, remarked that its partnership with a firm under the Globe Group will help them widen their nationwide reach. 

"Despite our long history [of 60 years in the Philippines], we have only reached a small segment of the market in need of small loan financing, such as tricycle drivers, sari-sari stores, and market vendors. This year, we are aggressively pursuing that,” said RFC President and Chief Executive Officer (CEO) Donald Francis Chiong.