Opportunities come knocking for Small to Medium Enterprises (SMEs) during special events like the Southeast Asian Games 2019. It’s a time for small businesses to showcase their products and services on a world-stage arena, increasing their chances to expand or export their offerings outside of the Philippines.
The past weeks have been busy for organisers, suppliers, partners and participants of the SEA Games 2019. It has also been a good time for big and small companies alike to step up for their country in terms of contributing to the operational and logistical work. In the process they also gain either an increase in sales or publicity, or both. The lesson to be learned here is that it’s good to be ready to offer your products and services for such events.
A Win for Both SMEs and the Country
This week saw a few reports of companies and institutions supporting the government to ensure the success of the SEA Games. An example would be a bus company who came to the rescue in supplying demand for more shuttling services for all participants.
It might seem simple for a company to offer services and that is only true if they are enough to cover unexpected expenditures. Even then, finding people to do the job could be difficult.
It was very encouraging to know that the spirit of bayanihan, or the spirit of communal unity, is still alive amongst Filipinos. This definitely helped the teams and athletes who were helpless during that time and the local organisers who were in hot water with the press.
Since we started in the industry, we’ve encountered business owners who have been tapped by big events agencies on short notice. They simply couldn’t pass up on the opportunity, but they were also strapped for cash during those moments. Luckily for them, they found First Circle in the midst of their business hurdle.
After reviewing the purchase order provided to us though, our Risk department had been able to disburse the needed loan amount within a short span of time. This was based on their credit history with us as well as through understanding the context of a quick Government-initiated project opportunity.
Enabling businesses to achieve their full potential through fast, fair, and flexible financial services
First Circle provides non-collateral financial services online to SMEs in the local FinTech industry. Since 2015, our mission has been to help Filipinos SMEs grow and reach their full potential. Through our technology we offer short-term loans without any collateral but purchase order or invoices only.
In the absence of collateral, businesses are left to forego projects that would increase their sales and help them scale in the long term. This occurrence was quite rampant in the country and through the non-collateral loans, FinTech industries became the much-needed solution of SMEs. Today, First Circle continues to grow in the country through SMEs who previously could not get a loan from banks as they couldn’t provide the main requirement: collateral.
First Circle offers two products: Purchase Order and Invoice, which are the main basis for establishing a customer’s eligibility. We also require supporting documents to approve the loan and once these have been vetted, we disburse loans in as fast as three to five business days.
In the case of our clients who were able to take on the demand needed for big, international events like the SEA Games on short notice, more SMEs can take advantage of the same opportunity. Instead of worrying where to get fast financing, business owners can apply with us online.
Trusted by the Philippine government, First Circle is a finance partner of the Department of Trade and Industry (DTI) and is one of the FinTech companies licensed by the Securities and Exchange Commission (SEC) in the Philippines.