First Circle is introducing new, innovative financing solutions that will allow small and medium enterprises (SMEs) in the Philippines to access additional funding sources for short-term needs.
The Taguig-based financing institution is currently offering two core products: purchase order financing and invoice financing to help SMEs bridge resource gaps that might interrupt their operations.
Purchase order financing allows SMEs to borrow funds based on purchase orders received from their clients. This financing product is particularly useful for situations where a business receives a large, unexpected order that requires significant resources immediately in order to serve.
Invoice financing, on the other hand, allows SMEs to borrow money based on invoices issued to clients which remain unsettled. This financing option is particularly useful for instances when operations might be disrupted while funds owed to the SME remain uncollected.
The registration process with First Circle is quick and convenient: potential borrowers need only to fill up an online application form and provide some personal details as well as information about the business they represent.
Personal and business documents will then have to be submitted for verification purposes. The verification process usually takes around two days to compete.
Based on the size of the business applying, its financing needs and other factors, First Circle will make a decision to accept or decline the application. If the application is successful, the SME will be informed of its credit limit and repayment options.
First Circle currently caters only to SMEs engaged in business to business (B2B) transactions with either government agencies or private firms. For more information, visit their website at https://www.firstcircle.ph.