DBP offers SME loans via digital platform
(The Philippine Star) - September 25, 2017 - 4:00pm

MANILA, Philippines — State-run Development Bank of the Philippines (DBP) is embarking on a digital transformation journey by offering loans to small and medium enterprises (SMEs) across the country through Lendr.

The pioneering and award-winning digital lending platform of PLDT’s FINTQ allows DBP to offer its SME loans through a new channel that aims to reach more entrepreneurs nationwide.

DBP president and CEO Cecille Borromeo said the government financial institution continues to provide banking products and solutions especially to the agricultural and industrial business segments.

“We recognize the need to aid SMEs in their pursuit of growth, which also helps in fulfilling our development mandate. For this reason, we recognize that digital is the way to go, and we are glad to have partnered with Lendr in delivering our loan products to more SMEs nationwide,” she said.

Lito Villanueva, managing director at FINTQ, said more banks are recognizing the power of mobile technology in allowing them to reach their potential customers and delivering awesome products and experiences to them.

“This partnership with DBP will not only help in our financial inclusion drive, but will also help accelerate the growth of the Philippine economy by empowering more SMEs around the country,” Villanueva said.

Despite being the cornerstone of the economy, with more than 99 percent of all registered businesses falling under the micro, small, and medium enterprises (MSME) category, the segment’s access to financing remains low.

According to the Asia SME Finance Monitor released by the Asian Development Bank in 2015, SMEs received only 18.7 percent of total bank loans disbursed in the period between 2008 and 2014–forcing them to look for other means and channels in order to finance their enterprises.

By offering their SME loans via Lendr, DBP is accelerating its development thrust by empowering SMEs with quick and easy access to its loan products as well as a way to easily submit applications and requirements without having to leave their homes and using only their mobile or laptop devices.

This way, SMEs even in the countryside would have a more convenient way to access financing to grow their ventures, which will in turn help in growing the Philippine economy as a whole.

FINTQ’s various digital lending platforms–which include Lendr, Mobile Loan Saver with Land Bank of the Philippines and Pera Agad with Cash Credit have helped disbursed more than P23 billion in loans to individuals and businesses nationwide as of end-July.

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