SeedIn Technology, one of the country’s largest crowdfunding companies, saw small business loans reach P1.34 billion last year, revealing a thriving scene for alternative capital-raising platforms. | miguelrcamusINQ /PDI
“We recognize that there really is a need to broaden the financing instruments available for MSMEs ,” SEC chair Emilio Aquino said during a recent small business roadshow that was organized by the corporate regulator.
The roadshow highlighted crowdfunding as an easy and accessible way for MSMEs and startups to raise funds for business expansion.“Most of them rely on internal resources for their capital needs. While those who apply for traditional bank loans face tedious documentation, high interest rates and mandatory collateral requirements,” he said.
At present, MSMEs account for 99.5 percent of total businesses in the country and 40 percent of the Philippine economy.The segment also hires 63 percent of the local workforce and constitutes 25 percent of the country’s total exports.
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