Small BusinessNews

GrabFinance upgrades loan offering to better support MSMEs

GrabFinance, the official lending arm of Grab, has recently upgraded its Quick Cash loan product to better cater to the needs of micro, small, and medium enterprises (MSMEs) in the post-pandemic era. The enhancements include a shorter disbursement period, an easier application process, and lower interest rates.

The move is part of GrabFinance’s commitment to supporting the recovery and growth of MSMEs in the face of new challenges posed by inflation. In a recent survey conducted by Grab Philippines, inflation was identified as one of the biggest hurdles faced by entrepreneurs, as it increases the cost of raw materials, supplies, and operations, affecting overall business stability and profitability. To address these challenges, loans such as Quick Cash serve as a lifeline for budding entrepreneurs.

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To make the product a more fitting solution for MSMEs, Quick Cash loans are now disbursed within 24 hours post-approval, with interest rates as low as one percent and no additional charges or hidden fees. Moreover, GrabFinance has activated Quick Cash on the Grab Merchant App, allowing merchant-partners to request customized loan offers with just a few taps, choose their preferred loan amount, and customize their loan tenure. The application process and loan monitoring have also been streamlined, with real-time approvals.

According to Martha Borja, president of GrabFinance Philippines, Grab is committed to being the most reliable growth partner for every Filipino entrepreneur, providing above-par solutions that not only keep their businesses afloat but also spur stability, scalability, and resiliency.

To be eligible for a Quick Cash loan, merchant-partners must have been on the platform for six months, have good credit standing, and have a stellar delivery performance. With the loan available on the merchant app, merchant-partners can easily monitor their payment progress and other loan details.

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