There’s no denying that due to its ease and accessibility, online transactions have been dominating the retail space. Many Filipinos find themselves scrolling through apps and purchasing necessities just by “Adding to cart”. In 2020 alone, a NielsenIQ study recorded that the country’s online shopping grew by a whopping 325%.
But buying was not the only booming activity, as many also put on their entrepreneur hats to create new income streams since the pandemic hit. Thousands of online stores were created across platforms, such as e-commerce giant Lazada. To date, there are over 100,000 monthly active sellers in Lazada alone, cementing its strong presence in the country’s ecommerce industry.
To support businesses and encourage economic growth, SB Finance Company, Inc. has partnered with Lazada to make multi-purpose loans of up to PHP 500,000 easily available to Filipino Lazada marketplace sellers. Through this partnership, Lazada micro and official sellers can avail of SB Finance’s multi-purpose loans through a hassle-free application and with a low introductory interest rate of 1.89%. Sellers may avail of up to 12 months installment and can expect funds to be credited to their accounts within three banking days.
What can you do with this multi-purpose loan?
Expand your product list
You probably started your shop with a few items, such as face masks and shields from when they were so in-demand. With extra funds, you can add more items to your existing product line and expand your customer base. Try adding alcohol or spray bottles that are crucial for disinfecting delivered packages and parcels.
Add more stock
When the capital is just rolling, adding more stock may be difficult. However, this is a dilemma that can be addressed with extra funds! Getting your stock in higher quantities results in less effort and less additional fees that may be incurred with frequent replenishment orders.
Hire additional manpower
Your business is growing, and you need more hands on deck. Having fresh funds takes away your worries about paychecks you’ll need to issue as you add people to your team.
SB Finance President and CEO Abbie Casanova is optimistic that with this convenient loan product available to sellers, bouncing back is possible.
“Many small businesses had to close their physical stores and have gone online. With the shift of consumer behavior to online shopping, the demand for e-commerce businesses expanded. We hope to help sellers gain more access to capital to grow their business with this partnership we’ve sealed with Lazada,” she adds.
Lazada also believes the same. “Through this partnership with SB Finance, we’re happy that we are able to provide our sellers with access to multi-purpose loans that help them finance their online business. Our core mission at Lazada is to uplift Filipino MSMEs, help them grow and scale in the digital space,” says Lazada Philippines CEO Ray Alimurung.
SB Finance and Lazada share the same value of making things possible seamlessly, with their “Dito, pwede!” and “Effortless Shopping” taglines. Check out www.sbfinance.com.ph to know more about their partnership and loan offer.