Firm eyes lending P10 billion to SMEs this year | ABS-CBN
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Firm eyes lending P10 billion to SMEs this year
Firm eyes lending P10 billion to SMEs this year
Different stall owners attend to customers near a milk tea shop in Makati on February 4, 2022. George Calvelo, ABS-CBN News
Different stall owners attend to customers near a milk tea shop in Makati on February 4, 2022. George Calvelo, ABS-CBN NewsMANILA -- A lending firm said it expects to lend P10 billion worth of loans to businesses this year as it forecasts that more small and medium-sized enterprises (SMEs) will expand or begin operations.
MANILA -- A lending firm said it expects to lend P10 billion worth of loans to businesses this year as it forecasts that more small and medium-sized enterprises (SMEs) will expand or begin operations.
At the 14th Philippine SME Business Expo (PHILSME) in Pasay, Esquire Financing Inc’s Kendrick Co said the SME sector is growing this year and they want to finance that growth. The company lent about P6 billion worth of loans last year and it wants to hit P10 billion in 2024.
At the 14th Philippine SME Business Expo (PHILSME) in Pasay, Esquire Financing Inc’s Kendrick Co said the SME sector is growing this year and they want to finance that growth. The company lent about P6 billion worth of loans last year and it wants to hit P10 billion in 2024.
“We want to make sure our support can actually make use of that funding to grow their business. Hindi siya parang (It's not a) loan to pay off another loan. That’s the worst kind of loan,” said Co, who wishes that SMEs eventually become large businesses.
“We want to make sure our support can actually make use of that funding to grow their business. Hindi siya parang (It's not a) loan to pay off another loan. That’s the worst kind of loan,” said Co, who wishes that SMEs eventually become large businesses.
Esquire Financing has already lent to 30,000 businesses, mostly SMEs, and with the rapid growth of the economy, it is looking to hit 100,000 customers in the next 3 to 4 years.
Esquire Financing has already lent to 30,000 businesses, mostly SMEs, and with the rapid growth of the economy, it is looking to hit 100,000 customers in the next 3 to 4 years.
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Co added that majority o their clients are paying back their loans, which is a good sign for the country’s economic growth.
Co added that majority o their clients are paying back their loans, which is a good sign for the country’s economic growth.
“Over 98 percent have actually paid off. Historically, we had clients, on average, borrowed at least five times to us. Meaning to say, they start off with a small amount and then nakikita naman lumalaki ang business (we see that the business is expanding), so they need more funding to continuously grow,” he added.
“Over 98 percent have actually paid off. Historically, we had clients, on average, borrowed at least five times to us. Meaning to say, they start off with a small amount and then nakikita naman lumalaki ang business (we see that the business is expanding), so they need more funding to continuously grow,” he added.
Trixie Esguerra-Abrenilla, chief executive officer of Mediacom Solutions Inc. and the organizer of PHILSME, said she saw the rapid growth of the SME sector even during the pandemic.
Trixie Esguerra-Abrenilla, chief executive officer of Mediacom Solutions Inc. and the organizer of PHILSME, said she saw the rapid growth of the SME sector even during the pandemic.
While some businesses closed, she said, many also expanded or started during the pandemic. She is seeing this trend continuing in the coming years.
While some businesses closed, she said, many also expanded or started during the pandemic. She is seeing this trend continuing in the coming years.
“Different trends lang every season, but in terms of are we growing, yes we continuously grow,” said Esguerra-Abrenilla, who owns a small business herself.
“Different trends lang every season, but in terms of are we growing, yes we continuously grow,” said Esguerra-Abrenilla, who owns a small business herself.
She added that PHILSME offers various business solutions and opportunities for small and medium-sized business entrepreneurs. There are various booths offering equipment, digitalization programs, financing, and other services that can help SMEs.
She added that PHILSME offers various business solutions and opportunities for small and medium-sized business entrepreneurs. There are various booths offering equipment, digitalization programs, financing, and other services that can help SMEs.
The expo will run until May 11, 2024 at the SMX Convention Center in Pasay.
The expo will run until May 11, 2024 at the SMX Convention Center in Pasay.
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