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Monday, April 22, 2024

SB Finance inks lending agreement with Lazada

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SB Finance Corp., Security Bank’s financing arm, announced that it has partnered with e-commerce giant Lazada for a multi-purpose loan program for local Lazada marketplace entrepreneurs.

Under the partnership, Lazada micro-entrepreneurs and official sellers can avail of SB Finance’s multi-purpose loans with an introductory interest rate of 1.89 percent. Availments can reach up to P500,000.

Sellers may avail of up to 12-month payment schemes and can expect funds to be credited to their accounts within three banking days.

“When the pandemic hit the Philippines, many small businesses had to pivot, close their physical stores and move to e-commerce channels. With the shift of consumer behavior to online shopping, the demand for e-commerce business expanded,” SB Finance President and CEO Abigail Marie D. Casanova said.

“Through our partnership with Lazada, we hope to help sellers gain more access to capital to grow their business and bounce back from the economic effects of the pandemic,” Casanova added.

Lazada Philippines CEO Raymond N. Alimurung also welcomed the partnership, saying the loan program will help online sellers grow their businesses and scale up.

SB Finance is a joint venture between Security Bank Corp. and Thailand’s Bank of Ayudhya (Krungsri).

Earlier this month, SB Finance also launched a new car title loan program that will allow vehicle owners access to cash in exchange for their car’s OR/CR (Official Receipt and Certificate of Registration).

The program was initially a product in Thailand and was brought here in the Philippines through its joint venture with Krungsri.

Read full article on BusinessMirror

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