PH’s first online loans platform offers business loans to more MSMEs

The first online lending marketplace in the Philippines, SeekCap, is teaming up with independent Filipino software development and business solutions firm Alliance Software, Inc. to further offer business loans to more micro, small, and medium-sized enterprises (MSMEs).

SeekCap will reach out to Alliance Software’s MSME clients to offer them business loans amid these interesting times. It will serve as a bridge between MSMEs on the Alliance platform and various lenders to offer the best and most competitive loans available.

“Alliance WebPOS customers can now apply for a business loan via SeekCap to help them expand or upgrade their businesses as the economy is starting to open up again,” said Alliance Software Vice President Te Jay Luna. “The Alliance and SeekCap partnership will provide a timely, in some cases immediate, response to help small business owners with their short-term capital needs.”

SeekCap is an online lending platform of UBX, a unit of Union Bank of the Philippines. Since its establishment, SeekCap has been supporting MSMEs through its financing products. It has so far gathered more than 38,000 MSMEs registrations on its platform and has processed over P1.5 billion worth of business loans.

Applying for a business loan through SeekCap is made easier and entirely digital. The capacity and capability of the company to assist lenders in digitizing and automating their lending processes cut the usual loan processing time and lower overall lending costs.

MSMEs can complete loan applications and obtain quick approval within the comfort of their homes or workplaces. Loan processing and approval can take just a day (usually takes weeks in typical setups)—through the elimination of submission of physical documents and personal appearances at the lenders’ sites.

On the other hand, Alliance Software is a tool that helps businesses manage data from a single portal, access real-time reports, encourage safe and convenient shopping experiences, and offer worry-free solutions that are inclusive of support and maintenance. The company has also launched an e-commerce platform aiming to power online stores with an all-in-one cloud solution that is easy to deploy, provides greater security, and is loaded with features that can bolster sales.

 

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