Grab rolls out loan program to help MSMEs

MANILA, Philippines — Grab is introducing a new loan service program that seeks to provide merchant-partners much-needed access to digital-first financial solutions and help further scale their businesses.

Called Quick Cash, the program aims to lend a hand to Grab’s community of small and medium businesses.

Grab said the new loan service makes availing loans as hassle-free as possible by shortening the process to make it easier for merchants to scale their businesses as well as help aid in their everyday livelihoods and needs.

With Quick Cash’s fast disbursal and easy application process, Grab said merchants can easily acquire a business loan that is tailored to their current needs, with no collateral required, and a flexible repayment term from six to 12 months.

Interested merchants would only have to confirm their merchant details with the company with no additional requirements needed, and they could receive their needed capital and financial support in less than seven days, it said.

“Many of our budding MSME merchant-partners are in need of access to financial solutions – especially in the first few steps of their business which they have worked very hard to bring into fruition, and we are fully committed to supporting them every step of the way,” Grab Financial Philippines head Martha Borja said.

“Our new loan service program will provide many of our MSME merchant-partners the very push that they need to scale their enterprise and grow their business on the Grab platform,” she said.

With Grab using data acquired from merchants such as their earnings to deduce the best loan amount, the company said the platform is able to personalize loans for each business to ensure they are able to afford their loan safely.

Quick Cash is one of Grab’s ways of extending financial inclusion and service to its large community, especially towards its merchant-partners who help make the platform the super app it is today.

The Grab Financial Group is a Southeast Asian fintech platform that aims to drive financial inclusion across the region by offering simple, transparent, and flexible financial products.

Starting with digital payments in 2017, the group now offers a suite of financial products including lending, insurance and wealth management.