Grab quickens loan issuance for MSMEs

MANILA, Philippines — Ride-hailing giant Grab Philippines has sped up its loan processing for micro, small and medium enterprises (MSMEs) struggling to deal with inflation in the aftermath of the pandemic.

In a survey, Grab Philippines found out that MSMEs trying to recover losses from the pandemic are finding it difficult to find their growth momentum due to inflation.

As such, Grab’s lending unit GrabFinance improved its loan program called Quick Cash to serve the financing needs of MSMEs needing extra capital to survive inflation.

In particular, GrabFinance reformed Quick Cash in such a way that the loan will be issued faster and can be availed easier. GrabFinance also reduced the lending rate to lessen the burden on MSMEs.

With the changes, Quick Cash may now be received in as fast as 24 hours compared to the prior lead time of about a week. Likewise, the financing is made available in the GrabMerchant app to streamline the processing for the loan.

GrabFinance decided to open Quick Cash inside the app to make approvals real time, removing the need for in-person filing of documents and forms.

Within the app, MSMEs can select their preferred loan amount and payment schedule, allowing them to arrange the borrowing depending on their need and flexibility.

GrabFinance Philippines president Martha Borja said MSMEs should be equipped with financing options given how much they lost during the pandemic. As much as MSMEs want to rebound in the post-pandemic period, they said inflation is making life harder for them to recover and profit.

“Grab is fully determined to be the most reliable growth partner for every Filipino entrepreneur. We want our merchant-partners to have an unfettered access to above-par solutions that not only keep their businesses afloat, but also spur stability, scalability and resilience,” Borja said.