Philippine micro, small, and medium enterprises (MSME) facing credit and funding challenges now have a seamless digital solution with 917Ventures’ Fundspace. As a loan aggregator, Fundspace addresses the funding gap by providing a swift, user-friendly, and accessible platform for MSMEs and local entrepreneurs in the Philippines.
“Despite contributing significantly to the country’s GDP and employing 63% of the local workforce, many MSMEs remain underfunded, hindering both their growth and the economy,” said Martin Luchangco, entrepreneur-in-residence at 917Ventures.
FundSpace caters to businesses of all sizes, offering a straightforward application process through a mobile-friendly platform. Entrepreneurs can follow a four-step process on the FundSpace website, specifying the loan amount, submitting necessary documents, and waiting for dedicated account managers to reach out. The platform boasts a quick 14-day loan approval timeline, a marked improvement over the traditional 60-day timeline of traditional banks.
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Recognizing the challenges faced by MSMEs in securing funding, FundSpace aims to simplify the borrowing process. United Nations Development Program data reveals that 67% of Philippine MSMEs encounter funding obstacles. FundSpace’s inclusive approach spans various industries, such as retail, construction, food and beverage, services, and software.
Credit scoring
Partnering with lenders like Alon Capital, iGlobal, Mt Fuji Lending, BPI Business Banking, First Circle, Zenith Capital, and Esquire, FundSpace provides loans ranging from P5,000 to over P100 million. This flexible approach caters to diverse MSME needs, from startups to those aggressively expanding.
FundSpace plans to introduce a credit scoring feature to streamline applications by reducing required documentation, benefiting both borrowers and lenders. This commitment to innovation enhances user experience and strengthens the efficiency of the lending process, contributing to the growth and economic resilience of MSMEs in the Philippines.