In line with their commitment to
promote financial inclusion, GCash and its affiliate FUSE Lending have signed a
Memorandum of Agreement (MOA) with Esquire Financing to extend non-collateral
business loans to small, and medium enterprises (SMEs).
The agreement is an important
milestone in improving the scalability of credit-worthy entrepreneurs, as
Esquire Financing enables GCash to extend credit to deserving SMEs.
GCash lineup of lending products
currently includes GCredit, which offers a revolving credit line, GGives, which
enables users to break down payments into easy installment plans, and GLoan,
which offers all-purpose cash loans based on the user's credit score. The
partnership with Esquire is seen helping SMEs expand their operations.
The strategic partnership reflects
their commitment to their common vision of “Finance for All.” GCash, FUSE
Lending, and Esquire Financing are now working together in removing the
barriers to business growth by providing SMEs with seamless access to vital
capital.
"When we heard about the
opportunity to work with Esquire Financing, we were really excited. This will
be a perfect synergy between our strengths in providing a frictionless experience
to access credit for entrepreneurs," said FUSE Lending CEO Tony Isidro.
Esquire Financing was established
in 2011 and has since become the biggest non-bank lender in the SME space. It
introduced non-collateral business loans tailored to the unique requirements of
each credit-worthy SME, ranging from P100,000 to P10 million.
"We're very happy to announce
this partnership with FUSE Lending and GCash. The future is on mobile
disbursements as well as mobile collections. We see the partnership with GCash
and FUSE will be very fruitful as we unlock more accessible ways for business
owners to access much-needed funds," said Esquire Financing Chairman and
CEO Rajan Uttamchandani.
By combining GCash’s large customer
base and ease of using the app, FUSE’s strength in retail lending, along with
Esquire Finance’s expertise on SME lending, the partnership is poised to
empower millions of entrepreneurs across the country and revolutionize their
access to much-needed capital.
For more information, visit
https://www.gcash.com.
