Lazada, sellers grow capital via new deal

SB Finance Co. Inc. announced it has partnered with Lazada E-services Philippines Inc. to make multipurpose loans of up to P500,000 easily available to Filipino Lazada marketplace sellers.

“Through this partnership, Lazada micro- and official sellers can avail of SB Finance’s multi-purpose loans through a hassle-free application and with a low introductory interest rate of 1.89 percent,” SB Finance said in a statement. The firm added that sellers may avail of up to 12 months installment and can expect funds to be credited to their accounts within three banking days.”

According to SB Finance, the multi-purpose loan can expand the seller’s product list, add more stock and hire additional manpower.

Through a statement, SB Finance President and CEO Abigail Marie D. Casanova expressed optimism “that with this convenient loan product available to sellers, bouncing back is possible.”

“Many small businesses had to close their physical stores and have gone online. With the shift of consumer behavior to online shopping, the demand for e-commerce businesses expanded,” Casanova was quoted in the statement as saying. “We hope to help sellers gain more access to capital to grow their business with this partnership we’ve sealed with Lazada.”

“Through this partnership with SB Finance, we’re happy that we are able to provide our sellers with access to multipurpose loans that help them finance their online business,” Lazada Philippines CEO Ray Alimurung was quoted in the statement as saying. “Our core mission at Lazada is to uplift Filipino MSMES [micro, small and medium enterprises], help them grow and scale in the digital space.”