Asialink Finance Corp. said Wednesday it secured a P300-million credit line facility from Taiwan’s Cathay United Bank to provide more loans to small businesses for their expansion plans.
“This latest partnership will allow us to sustain growth in our customer base. One of our strengths has always been our partner network, and the support we have been getting from our partners in Taiwan has just been tremendous,” Asialink president and chief operating officer Apples Mangubat said.
Cathay United is the third Taiwanese bank to extend credit support to Asialink. The other two are CTBC Bank Philippines and Yuanta Savings Bank.
The Asialink-Cathay United agreement was sealed during a signing ceremony in March attended by Mangubat, Asialink chief executive Robert Jordan, Asialink chairman Ruben Lugtu II and Cathay United regional head and executive vice president Arnold Kan.
These partnerships are now opening up a new window to individual lenders and small companies with little to no access to traditional sources of funding, Asialink said in a statement.
“We are strategically expanding our network by actively seeking partnerships with both institutional entities and individual lead generators. This initiative is geared towards broadening our outreach and diversifying the sources that contribute to our lead generation efforts,” said Jordan.
Asialink released over P11 billion in loans in 2023, with monthly growth recorded throughout the year. It had close to 27,000 new borrowers as 2023 drew to a close.