We are creating some awesome events for you. Kindly bear with us.

Philippine Government Deploys Online Loan Systems to Assist SMEs

The internet has altered the way we conduct business. We can work remotely, communicate with co-workers and colleagues, market to new customers, and send and receive payments if we have access to the internet. Online loans have also become a valuable resource for business owners as a result of the internet.

The days are gone when a business owner had to go to the local bank branch to get a loan. We now have more access to affordable business financing than ever before thanks to the wonders of the internet. With a quick online search and a click of the mouse, we can access a plethora of lenders and loan options.

In this case, small businesses that want to restart operations during the pandemic can set up an account and apply for interest-free, collateral-free government loans. Small business owners can enter their information and upload scanned identity and business documents to the website, which is maintained by a small business organisation that is maintained by a small business organisation which is an attached agency of the Department of Trade and Industry (DTI).

The small business organisation is a programme implementer for the Covid-19 assistance to restart enterprises, which provides P8.08 billion to micro, small, and medium enterprises (MSMEs), cooperatives, hospitals, tourism businesses, and repatriated or displaced Overseas Filipino Workers (OFWs) affected by the Covid-19 pandemic. Under the programme, qualified loan applicants can apply for loans ranging from P10,000 up to P5 million, depending on their pre-pandemic sales and business assets figures, if applicable.

The loans are repayable over a maximum of four years, with a maximum grace period of 12 months for non-tourism MSMEs and a maximum grace period of 24 months for tourism MSMEs accredited by the Department of Tourism (DOT) or registered as a Barangay Micro Business Enterprise (BMBEs).

Online business loans are loans that can be applied for — and received — through the internet. The applicant may also be asked to submit documentation via secure web portals, and web applications can even connect the lender or applicant to the bank account in order for them to access the bank statements directly.

Online business loans differ from bank loans in several ways. Instead of having to drive to a local bank branch to apply for a loan, online loans allow applicants to apply from the comfort of their own home, the office, or any other location with an internet connection. Online loans are also distinct in that the process is much shorter. In some cases, loans can be approved in minutes and funded within days— or even 24 hours.

Successful loan applicants will only need to pay a one-time service fee, set at a maximum of 8% for a four-year loan term. Lower service fees apply to shorter loan terms.

In correspond, OpenGov Asia reported that the Covid-19 crisis has highlighted the need for governments and businesses to provide more e-services, and as more of our daily lives move online, e-services will become critical for efficient operation of both. These e-services are now assisting in getting stimulus funds into the hands of consumers more rapidly. E-government emerged as an important aspect in the delivery of public services. However, some local government e-services only offer interactive content such as application procedures and downloading of forms, and the process takes so long to complete.

The president and CEO of the small business organisation emphasised that it is solely concerned with making funds available to small business owners. He stated that the company’s financing programmes, including the programme, are now fully electronic and operational. As a result, unless they specifically request it, the agency’s MSME borrowers no longer need to visit its offices.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

Send this to a friend