SB Finance Corporation, a subsidiary of Security Bank Corporation, has partnered with e-commerce giant Lazada to provide Filipino sellers in the market with versatile loans of up to P500,000.
In a statement, the company said the loan is supposed to help develop these businesses and encourage continued economic growth amid the pandemic.
Under this partnership, Lazada’s micro-sellers and official sellers can benefit from SB Finance’s multi-purpose loans at a low introductory interest rate of 1.89%.
Sellers can benefit from payment programs of up to 12 months and can expect funds to be credited to their accounts within 3 banking days.
“When the pandemic hit the Philippines, many small businesses had to pivot, close their physical stores and switch to e-commerce channels,” said Abbie Casanova, president and CEO of SB Finance.
She added that “with the shift in consumer behavior towards online shopping, the demand for e-commerce activities has increased. Through our partnership with Lazada, we hope to help sellers have better access to capital to grow their businesses and bounce back from the economic effects of the pandemic. “
According to the multinational card payment organization Visa Inc., as of July 2020, 73% of Filipino consumers are very likely to maintain or increase their pandemic level of online shopping once restrictions are relaxed.
This gives online sellers in the Philippines more opportunities to grow their online business and earn increased profits.
“Through this partnership with SB Finance, we are pleased to be able to offer our sellers access to versatile loans that help them finance their online business. Our main mission at Lazada is to uplift Filipino MSMEs, helping them grow and evolve in the digital space, ”said Ray Alimurung, CEO of Lazada Philippines.
Lazada’s presence in the Philippines continues to be a strong e-commerce force in the country, with over 100,000 monthly active sellers under its umbrella.
SB Finance is a joint venture between Security Bank Corporation and Thai Bank of Ayudhya (Krungsri).
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