{"id":61184,"date":"2024-01-31T16:06:01","date_gmt":"2024-01-31T08:06:01","guid":{"rendered":"http:\/\/www.upgrademag.com\/web\/?p=61184"},"modified":"2024-01-31T16:06:05","modified_gmt":"2024-01-31T08:06:05","slug":"917ventures-fundspace-offers-msmes-new-digital-based-solution","status":"publish","type":"post","link":"http:\/\/www.upgrademag.com\/web\/2024\/01\/31\/917ventures-fundspace-offers-msmes-new-digital-based-solution\/","title":{"rendered":"917Ventures\u2019 Fundspace offers MSMEs new digital-based solution"},"content":{"rendered":"\n

As fund sufficiency remains a\u00a0major challenge for MSMEs, particularly in emerging markets, 917Ventures\u2019s loan aggregator Fundspace is offering\u00a0<\/strong><\/p>\n\n\n\n

MSMEs and local entrepreneurs a swift, user-friendly, and easily accessible digital solution to bridge the financing gap in the Philippines.<\/p>\n\n\n\n

\u201cNo one can deny the outsized impact of micro, small, and medium enterprises (MSMEs). According to the United Nations Development Programme, these businesses contribute\u00a040% to the country\u2019s gross domestic product (GDP)\u00a0and employ 63% of the local workforce. Despite their substantial contributions, many MSMEs continue to be underfunded. This hinders the growth of these businesses, and in turn may hinder the growth of the economy,\u201d said Martin Luchangco, Entrepreneur-in-Residence at 917Ventures.<\/p>\n\n\n\n

Straightforward Application Process<\/strong>
FundSpace caters to enterprises of all sizes, ensuring easy access to the funding to ensure business growth and sustainability. It connects borrowers to different lending partners offering various loan products through an accessible mobile-friendly platform. <\/p>\n\n\n\n

Entrepreneurs can start their financing journey in four simple steps: <\/p>\n\n\n\n

    \n
  1. Visit the FundSpace website<\/a><\/li>\n\n\n\n
  2. Specify the loan amount<\/li>\n\n\n\n
  3. Submit necessary business documents (such as Barangay and Mayor\u2019s Permits, DTI Permits, valid IDs, and the latest three months bank statements), and; <\/li>\n\n\n\n
  4. Wait for its dedicated account managers to get in touch.\n
      \n
    1. The platform has a quick 14-day loan approval timeline, a significant improvement over the typical 60-day timeline seen in traditional banks.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n\n\n\n

      Together with its lender partners that include Alon Capital, iGlobal, Mt Fuji Lending, BPI Business Banking, First Circle, Zenith Capital, and Esquire, FundSpace provides loans from P5,000 to upwards of P100 million.<\/p>\n\n\n\n

      \u201cIt\u2019s important to provide flexible loan amounts to better serve MSMEs across the board\u2013from those who are just starting out, to those who want to aggressively grow their businesses,\u201d Luchangco explained.<\/p>\n\n\n\n

      Since launch, FundSpace has facilitated loans across multiple businesses, including industries like retail, construction, food and beverage, services, and software industries, underscoring its position as a valuable partner of MSMEs, helping propel them toward sustainable growth and success.<\/p>\n\n\n\n

      Inclusive Access to All Types of Businesses<\/strong><\/p>\n\n\n\n

      Data from the United Nations Development Program showed that\u00a0more than half of MSMEs (67%)\u00a0in the Philippines face challenges when it comes to securing funding.\u00a0<\/p>\n\n\n\n

      Many of these entrepreneurs rely on personal savings or loans from family and friends to start or expand their businesses, as banks and other financial institutions often subject entrepreneurs to a lengthy, tedious process, demanding extensive documentation. Rigid collateral requirements and high-interest rates pose additional barriers, limiting the accessibility of crucial financial resources and cost of business for these enterprises.<\/p>\n\n\n\n

      In response to these challenges, FundSpace was developed to simplify the borrowing process.<\/p>\n\n\n\n

      Features to look forward to<\/strong><\/p>\n\n\n\n

      Beyond continuing to expand its loan offerings, FundSpace plans to launch a credit scoring feature later in the year. This feature is designed to streamline the application process for borrowers by reducing the required documentation. Simultaneously, for lenders, it will facilitate quicker assessments and enable the platform to deliver higher-quality leads. <\/p>\n\n\n\n

      FundSpace’s commitment to innovation not only enhances the user experience for borrowers but also strengthens the efficiency and effectiveness of the lending process for its valued network of financial partners.<\/p>\n\n\n\n

      “Empowering MSMEs with easy financial solutions is both an investment in their growth and in fostering economic resilience. By removing financial barriers for these enterprises we are contributing not only to their success but also to the sustainable development of communities and the Philippine economy,\u201d Luchangco added.<\/p>\n","protected":false},"excerpt":{"rendered":"

      MSMEs and local entrepreneurs a swift, user-friendly, and easily accessible digital solution to bridge the financing gap in the Philippines.<\/p>\n","protected":false},"author":6,"featured_media":61189,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[96,2727,1656],"class_list":["post-61184","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-headlines","tag-technology","tag-technology-adaption","tag-technology-investment"],"_links":{"self":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts\/61184","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/comments?post=61184"}],"version-history":[{"count":0,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts\/61184\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/media\/61189"}],"wp:attachment":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/media?parent=61184"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/categories?post=61184"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/tags?post=61184"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}