Small and medium enterprises (SMEs) play a crucial role in driving economic growth and creating employment opportunities in the Philippines.
One of the biggest obstacles faced by Filipino entrepreneurs is the access to finance and marketing. While business loans could help, a lot of entrepreneurs prefer to borrow from their own networks due to numerous and stringent requirements imposed by traditional lending institutions.
Recognizing this challenge, First Circle, a SEC-registered fintech company empowering SMEs since 2016 provides game-changing financing solutions to help more promising businesses reach their full potential.
The company’s flagship product, the Revolving Credit Line, breaks down barriers to financing by offering up to ₱20 million in credit limit with no collateral required. This product is open even to businesses with less than 1 year in operational history, as long as they meet the annual revenue requirement of ₱5 million. Document requirements are also minimal, and each First Circle customer gets a dedicated Account Manager to help collect requirements and assist in transactions.
The Revolving Credit Line also provides flexibility to businesses by requiring zero application fees and maintenance fees. Businesses are not obligated to use their credit line immediately or for a specific purpose. They only pay an interest on the portion of the credit line they use. Moreover, if all, businesses can simply renew upon expiry for free by submitting updated business documents the credit line is not used at. This approach empowers businesses by providing a ready source of capital for future cash flow gaps, expansion, or new projects. A standby financing facility also gives entrepreneurs peace of mind to navigate unexpected challenges.
Furthermore, for businesses in urgent need of financing, First Circle’s Revolving Credit Line can be opened in as fast as 2 business days after submission of documents. As soon as the credit line is open, clients can request a drawdown — which First Circle can disburse to any local bank in as fast as 1 business day.
As an official financing partner of the Department of Trade and Industry (DTI) and the Quezon City Local Government Unit, First Circle is a tested and trusted platform for SMEs. The company’s commitment to excellence is evident through its recognition in the Inquirer Growth Champions 2023 List and the Financial Times Asia-Pacific High Growth Companies 2023 List.
“Our commitment to empowering Philippine businesses is at the heart of everything we do,” says First Circle CEO Patrick Lynch. “By delivering exceptional service and staying true to our values, we’ve proven ourselves to be a steadfast partner to SMEs.”
In a country where traditional financial institutions have been oftentimes overlooked, First Circle is revolutionizing the lending landscape. By understanding business cycles and providing affordable and accessible business loans, First Circle empowers Filipino entrepreneurs to fund expansion, bridge cash flow gaps, and extend their working capital.