Seller loan program launched by Shopee, BillEase
This program will run for a full year. It will be open to Shopee sellers who have been operating for at least six months. To secure working capital, they can apply for a loan on BillEase for Business. This loan will be based on their sales record prior to the implementation of the enhanced community quarantine. Successful applicants can avail of Php20,000 up to Php2M.
Helping small businesses
“In addition to our recently launched Seller Support Package, we’re also offering this financing program to allow business owners to apply for loans with flexible payment terms,” said Shopee Associate Director Martin Yu in a press statement. “With BillEase as our financing partner, we will be able to provide support and help to thousands of business owners who are seeking financial relief.”
The interest rates for the program are priced between 3 to 3.5 percent. This allows the fintech company to make additional loans to help other small businesses.
“We understand that Shopee sellers are still navigating the effects of the ECQ. They are looking for partners that would look after their business financially,” FDFC CEO Georg Steiger said. “Our Shopee Loan Program will help these sellers who are either producing essential goods to continue operations amid the increasing demand or those preparing to recover after the quarantine.”
MSMEs form the backbone of the Philippine economy. Unfortunately, the business disruption caused by the COVID-19 pandemic and ECQ has severely affected them.
The loan program comes as Shopee announced its Php200-M Seller Support Package to help up to 80,000 MSMEs.