917Ventures has introduced a loan aggregator platform FundSpace to address financing gap of micro, small and medium enterprises (MSMEs).
FundSpace offers MSMEs an easy to use and accessible platform to apply for loans and credit lines ranging from as low as P5,000 to as high as P100 million together with its lender partners that include Alon Capital, iGlobal, Mt Fuji Lending, BPI Business Banking, First Circle, Zenith Capital, and Esquire.
The venture builder fund sufficiency remains a major challenge for MSMEs, particularly in emerging markets.
917Ventures’ Fundspace offers Philippine MSMEs grappling with credit and funding issues new seamless digital-based solution.
It is estimated that 67 percent in the Philippines and the rest of world continue to rely on personal savings and debt from family and friend to start or grow their businesses.
The platform has a quick 14-day loan approval timeline, a significant improvement over the typical 60-day timeline seen in traditional banks.
Martin Luchangco, entrepreneur-in-residence at 917Ventures, said it is important to provide flexible loan amounts to better serve MSMEs across the board—from those who are just starting out, to those who want to aggressively grow their businesses.
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.
