BPI aids financial distress via app
‘We are grateful for this opportunity to collaborate with FundSpace and leverage its user-friendly online portal to make our suite of affordable loan products more accessible to SMEs in need of funding’
Universal lender Bank of the Philippine Islands has eased access of small and medium enterprises or SMEs to loans through the online platform FundSpace.
The bank also committed to helping upgrade cancer technologies at Healthway Cancer Care Hospital.
The Ayala-owned bank said its BPI Business Banking group recently partnered with FundSpace to offer SMEs various loans suited to their own needs and financial capabilities.
Using the website of FundSpace, borrowers can apply for BPI’s Ka-Negosyo SME Loan or Ka–Negosyo Credit Line.
The first offers big amounts to be used for expansion or equipment purchases, while the other provides cash for regular business expenses.
Loan amounts range from P300,000 to P15 million with low interest rates starting at 1.4 percent and payment terms of one to five years.
“We are grateful for this opportunity to collaborate with FundSpace and leverage its user-friendly online portal to make our suite of affordable loan products more accessible to SMEs in need of funding,” BPI Business Banking head Dominique R. Ocliasa said.
FundSpace is part of 917Ventures, a startup enabler backed by Globe which is also owned by the Ayalas.
“Our partnership with BPI Business Banking embodies our commitment to fueling the growth of Filipino entrepreneurs, ensuring they have the necessary resources to thrive in today’s competitive landscape,” 917Ventures entrepreneur-in-residence Martin Luchangco said.
According to the Department of Trade and Industry, there were over 100,948 SMEs in the country in 2022.
However, global business consultancy McKinsey & Company says there are 15 million Filipino informal entrepreneurs and selfemployed workers the banks could tap to help grow the national economy.
Modern cancer facility
BPI said it also partnered with AC Health, a subsidiary of Ayala Corporation, to help the latter’s Healthway Cancer Care Hospital purchase medical equipment. The hospital is located along South Union Drive in Arca South, Taguig City.