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Manila Bulletin devider Business devider The Stock Market devider Cebuana Lhuillier, Advance set P100 million loans for workers, SMEs

Cebuana Lhuillier, Advance set P100 million loans for workers, SMEs

Published Sep 15, 2024 09:31 pm

Regional fintech firm Advance and financial services firm Cebuana Lhuillier have finalized a P100 million lending deal for employees as well as small and medium-sized businesses across the Philippines.

The finalization of the lending deal enables Advance to provide more credit to thousands of individual employees and hundreds of SMEs.

Advance is a fintech company operating out of the Philippines and Vietnam. It aims to elevate both businesses and employees across Southeast Asia through responsible access to finance.

This new facility supports Advance and Cebuana Lhuillier’s shared vision of uplifting growing businesses and improving the lives of their employees by providing funding access to a segment that remains highly underserved.

“Advance has been a valued partner of Cebuana Lhuillier since we joined hands in 2022. Through our Cebuana Lhuillier-Advance Salary Loans product, we have seen firsthand how Advance shares Cebuana Lhuillier's vision of enhancing the financial wellness of every Filipino,” said Cebuana Lhuillier Chief Finance Officer Cliff Cabungcal.

He added that, “With this signed loan facility agreement solidifying our partnership, we at Cebuana Lhuillier are excited to see how Advance will unlock the growth potential of businesses across industries.”

Advance CEO Jaime de los Angeles said "We deeply admire how Cebuana Lhuillier continues to champion financial inclusion in this country. We are excited to work closely together and expand our coverage to more businesses in need of growth capital through Advance's financial programs.”

Through this partnership, Advance and Cebuana Lhuillier are ensuring that more businesses have the opportunity to thrive and contribute to the economy, thus fostering a more inclusive financial landscape.

Advance said “The partnership between Advance and Cebuana Lhuillier is poised to create a lasting impact – leading employees to financial wellness and empowering small and medium enterprises to achieve their full potential and drive economic growth.”

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