Discovery Capital Finance Corp. (DCFC), a financing company, has secured a credit facility from Union Bank of the Philippines (UnionBank) that will allow it to provide more loans to small and medium-sized enterprises (SMEs) across the country.
The deal gives Discovery Capital access to additional funds that it can lend to business owners who need extra capital to grow their operations, buy equipment, replenish inventory, or cover everyday expenses. The company said many of its loan products do not require collateral, making it easier for entrepreneurs to access financing.
Access to funding remains a challenge for many small businesses in the Philippines, especially those outside major cities. SMEs make up the bulk of businesses in the country and are a major source of jobs and economic activity.
“Our ultimate goal is to become the definitive top-of-mind choice for any entrepreneur or business owner seeking financial support in the Philippines,” said Diosdado Salang Jr., president and CEO of Discovery Capital Finance Corp. “When clients look for a reliable partner to sustain and scale their dreams, we want Discovery to be the very first name they think of.”
Discovery Capital said the UnionBank facility will help it reach more entrepreneurs in provinces and other areas where financing options are limited. The company plans to open additional satellite offices nationwide to serve underserved, unbanked, and underbanked communities.
By expanding outside Metro Manila, Discovery Capital hopes to help more local businesses gain faster access to funding and support economic growth in provincial areas.
The company said it uses both bank channels and digital platforms to speed up the release of loans. It also pointed to its presence in various provinces as an advantage in understanding the needs of local businesses.
According to Discovery Capital, support from major financial institutions reflects confidence in the company’s business practices, risk management, and ability to grow its lending operations responsibly.
“The collaboration will help Discovery Capital deliver a sustainable financial stimulus designed to empower provincial economies and local enterprises across the Philippines,” Salang said.