This new facility has gained the support of the Philippine Department of Trade and Industry (DTI) and the Bangko Sentral ng Pilipinas (BSP).
First Circle is an online lender that provides supply chain financing to SMEs. It was launched in 2016, since that time the platform has loaned millions of dollars and served hundreds of SMEs from various industries, enabling them to grow their business. They were the first fintech to receive a license from the Securities and Exchange Commission (SEC) in the Philippines.
DTI says that approximately 95% of SMEs contribute to up to 30% of gross domestic product. Philippine SMEs also employ 60% of the workforce. Thus providing access to growth capital is vital for this sector of business.
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