MSME financing firm raises P2B via debt sale
MANILA -Asialink Finance Corp., a financing firm focused on micro, small and medium-sized enterprises (MSMEs), raised P2 billion in a maiden debt sale led by the investment banking arm of tycoon Frederick Dy’s Security Bank Corp. and the Yuchengo family’s RCBC Capital Corp.
Asialink, established in 1997, will use the proceeds from the notes issuance to support and finance expansion of the company’s loan portfolio, refinance existing short-term debt obligations and for general working capital requirements.
Virgilio Chua, president and CEO of Security Bank’s SB Capital Investment Corp., said firms such as Asialink play a key role in driving the country’s growth.
“Asialink, through its loan products such as car and truck refinancing and pre-owned and brand-new car and truck financing, MSMEs and individuals who may not be able to get the capital that they need through more conventional avenues, are still able to get the required funding, which aids in bridging this financing gap,” Chua said in a statement on Monday.
READ: Asialink Finance secures P1-B fund for relending to SMEs
A consortium of domestic banks also supported the P2-billion fixed-rate notes facility, which matures in three years. These were Security Bank, Rizal Commercial Banking Corp., East West Bank, Philippine Bank of Communications and Union Bank of the Philippines.
Asialink, one of the country’s fastest growing financing firms, employs about 700 people and thousands of loan consultants. It has over 80 branches nationwide, its website showed.
It mainly offers collateral and noncollateral loans to individuals and MSMEs.
Asialink said it aimed to be one of the country’s top business and consumer financing companies by 2033, its website showed.
