Asialink Finance Corp. Photo from Facebook
Asialink Finance Corp. has received a P1-billion funding from Maybank Philippines to help provide financial support for small businesses in the country.
Asialink says the credit line facility from Maybank will increase its loan releases and broaden its portfolio of micro, small and medium-sized enterprises (MSMEs).
”This partnership enables us to expand our loan offerings, providing MSMEs with greater access to capital to grow their businesses and contribute to economic development,” Asialink CEO Robert Jordan Jr. says in a statement, adding that the loan will allow the company to empower MSMEs.
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Founded in 1997, Asialink extends loans primarily to MSMEs, with over 80 branches in the Philippines.
According to its website, Asialink’s products include collateral, auto, used car and truck loans carrying an interest rate of at least 1.5 percent per month.
Last year, Asialink raised P2 billion in a maiden debt sale led by Security Bank Corp. and RCBC Capital Corp.
Asialink says the proceeds will be used to further expand its loan portfolio, refinance existing short-term debt obligations and for general working capital requirements.
It had also raised P1 billion from Yuanta Savings Bank and Small Business Corp. in October 2023, noting that MSMEs are the “backbone” of the country because of the number of jobs these companies provide.
As of 2023, the company extended around P12.6 billion in loans, with close to 29,500 new borrowers.
Data from the Philippine Statistics Authority (PSA) show that as of 2022, there were 1.109 million business enterprises operating in the Philippines, of which 99.59 percent, or 1.105 million, were MSMEs. Only 0.41 percent, or 4,541, were large enterprises.
PSA data also showed that around half of MSMEs were in the wholesale and retail trade industry.