Negosentro | Filipino small businesses that are having trouble getting credit and money can now use 917Ventures’ Fundspace, a new digital option that works seamlessly |
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A majority of MSMEs (67%) in the Philippines and the rest of world continue to rely on personal savings and debt from family and friend to start or grow their businesses;
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917Ventures, the largest corporate venture builder in the Philippines, has introduced loan aggregator platform FundSpace to address this financing gap;
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FundSpace offers MSMEs an easy to use and accessible platform to apply for loans and credit lines ranging from as low as P5,000 to as high as P100 million.
Manila, Philippines, 30 January 2024– Funding is still a big problem for small businesses, especially in new markets. That’s why 917Ventures’ loan aggregator Fundspace is offering
Small and medium-sized businesses (MSMEs) and local companies in the Philippines a quick, easy-to-use, and widely available digital way to get the money they need.
“No one can deny that micro, small, and medium-sized businesses (MSMEs) have a huge effect.” The United Nations Development Programme says that these companies make up 40% of the country’s GDP and hire 63% of the local workforce. Many MSMEs are still not getting enough money, even though they make important efforts. “This slows down the growth of these companies, which could slow down the growth of the economy as a whole,” said Martin Luchangco, Entrepreneur-in-Residence at 917Ventures.
Straightforward Application Process
FundSpace works with companies of all kinds to make sure they can easily get the money they need to grow and stay in business. Through an easy-to-use, mobile-friendly platform, it links borrowers to different lending partners that offer different loan products.
Entrepreneurs can start their financing journey in four simple steps:
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Visit the FundSpace website
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Specify the loan amount
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Submit necessary business documents (such as Barangay and Mayor’s Permits, DTI Permits, valid IDs, and the latest three months bank statements), and;
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Wait for its dedicated account managers to get in touch.
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The platform has a quick 14-day loan approval timeline, a significant improvement over the typical 60-day timeline seen in traditional banks.
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FundSpace helps people get loans from as little as P5,000 to over P100 million through its banking partners, which include Alon Capital, iGlobal, Mt Fuji Lending, BPI Business Banking, First Circle, Zenith Capital, and Esquire.
Luchangco said, “It’s important to offer flexible loan amounts to better serve MSMEs across the board—from those who are just starting out to those who want to grow their businesses quickly.”
FundSpace has helped many businesses get loans since it started. These businesses are in retail, construction, food and beverage, services, and software, among others. This shows that FundSpace is a useful partner for small and medium-sized businesses, helping them grow and be successful in the long term.
Inclusive Access to All Types of Businesses
More than half of MSMEs in the Philippines (67%) have trouble getting funds, according to data from the UN Development Programme.
Many of these business owners have to use their own savings or loans from family and friends to start or grow their businesses. This is because getting a loan from a bank or other financial institution is often a long, difficult process that requires a lot of paperwork. High interest rates and strict security requirements are also problems that make it hard for these businesses to get the money they need and raise the cost of doing business.
Because of these problems, FundSpace was created to make the process of borrowing easier.
Features to look forward to
FundSpace is planning to add a credit scoring tool later this year in addition to continuing to offer more loans. This feature is meant to make the application process easier for clients by cutting down on the paperwork that needs to be sent in. At the same time, it will speed up the approval process for lenders and allow the site to send better leads.
FundSpace is dedicated to coming up with new ideas that not only make the borrowing process better for borrowers but also make it faster and easier for its valuable network of financial partners.
Giving small and medium-sized businesses (MSMEs) easy access to financing is an investment in their growth and in making the economy stronger. “By getting rid of financial barriers for these businesses, we are not only helping them succeed, but also making communities and the Philippine economy stronger in the long term,” Luchangco said.
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About FundSpace
FundSpace is a digital solutions platform powered by 917Ventures, that aims to address the Philippines’ financing gap through inclusive and accessible loan products. These are offered in collaboration and in partnership with key lending facilities. Our goal is to empower businesses of all sizes by unlocking capital through our multiple core products.
To learn more about Fundspace, you may visit fundspace.ph
About 917Ventures
917Ventures is the largest corporate venture builder in the Philippines and the innovation arm of Globe Telecom. 917Ventures seeks to solve the pain points of consumers and businesses through digital solutions and build a digital nation that is loved and admired through its digital solutions & ventures. It is home to the most successful digital pioneers that have paved the way and delivered indelible value to the Philippines and the Asia Pacific.
To learn more about 917Ventures, visit www.917ventures.com
