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Manila Bulletin devider Business devider Banking & Finance devider Asialink secures $130 million from IFC to support women-led businesses

Asialink secures $130 million from IFC to support women-led businesses

Published Jan 21, 2025 10:19 pm

Homegrown non-bank lender Asialink Finance Corp. (AFC) has secured a $130 million (around P7.605 billion) financing deal with the International Finance Corporation (IFC), a World Bank Group member, aimed at improving its working capital and support for small businesses, especially those owned by women.

AFC said in a Jan. 21 statement that the partnership will boost its lending capacity for micro, small, and medium enterprises (MSMEs), allocating at least 60 percent of the funds to support women-led businesses.

“Women are really underserved when it comes to access to bank accounts, with a notable gap compared to men. So that’s the reason why IFC is really pushing us to lend to women entrepreneurs,” said Robert B. Jordan, Jr., founder and CEO of Asialink Finance Group of Companies, during the contract signing.

Jordan added that men lead most local businesses, while a recent study revealed many female business owners struggle with starting and growing businesses due to difficulties securing capital. Therefore, the move to prioritize women is a way to empower them.

AFC is also expanding its reach beyond Metro Manila, focusing particularly on Visayas and Mindanao regions, which the financing firm considers as underserved. To date, Asialink has over 500 branches, which were roughly around 300 branches in the early 2024.

IFC expects the expansion to create 16,600 to 23,800 jobs in the Philippines, spurring economic growth.

“With IFC’s support, we are poised to break down these barriers and expand our reach, ensuring that more entrepreneurs across the country gain the financial tools they need to thrive and contribute to the nation’s economic progress,” Jordan said.

Allen Forlemu, IFC’s regional industry director for financial institutions group for Asia and the Pacific, emphasized AFC’s solid track record, combined with rapid growth in prudent risk management.

In 2024, the financing firm’s non-performing loans (NPLs), or bad loans, stood at one percent, which, according to Forlemu, is “better than the industry average.”

These, along with a resilient Philippine economy, are the major contributors to IFC’s confidence to invest in the country, Farlemu said. He added that it was during the pandemic until 2024 that IFC was in its most active years in the Philippines, committing several financing packages for small businesses.

By 2029, IFC is expecting the partnership to volume up AFC’s SME loan portfolio from $150 million to $575 million, and its women-owned SME portfolio from $76 million to $300 million.

Forlemu assured helping the company build systems and capabilities to support its growth. “We will also help mobilize additional international investors,” he added, noting that this may potentially rake in up to $30 million additional funding.

Related Tags

International Finance Corp. Asialink Finance Corp.
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