Last Updated On September 2022

Small Business Loan to Fund Your Venture

Whether you’re just starting a business or you’re already settled, but thinking of expanding your business, you may need additional capital to fuel your business dream. If your current financial standing is not enough to make this dream come true, do not worry because you have options to get additional funding through loans.

For some entrepreneurs, loans are scary because of the interest they have to pay. However, the reality in business is that you need money to create more money. As long as the money will be invested wisely, you do not have to worry about getting a business boost through loans.

If you are planning to get a loan but do not know where to start, we can help you.

Importance of Knowing Where to Source Your Loans

Since the financial status of a business is crucial is sustaining the operation, knowing where and how a business loan works is essential. Different loan sources have different loan agreements, so it’s best to research first on what could be best for your growing business. 

Learn more at: How Does Business Financing Work

What are sources of small business loan in the Philippines?

Friends and family

It is normal for us Filipinos to ask for help from friends and families, even in business financing. Some young entrepreneurs ask for financial assistance from their parents to start a business. Others approach friends for additional investment.

Credit Card

A personal or business credit card may be used to acquire additional funding for your business. Banks usually offer credit cards to clients with good credit standing or applicants who meet their financial requirements.

Informal Financiers

A common source of business finance among small and medium enterprises or SMEs in the Philippines is informal financiers or those who offer “5-6.” The term 5-6 is from the 20% interest rate the financiers add to your loan principal.

Business Loans from Banks

Banks offer big and small corporation loan.

Personal Loans

You may avail of personal loans offered by banks to boost funding for your business.

Collateralized Loans

If you have assets that you are willing to let go temporarily, like jewelry, your car, or the title to your real estate properties, then you can seek collateralized loans.

The Best Small Business Loan Source

The needs of SMEs are unique. That’s why for small business loans, it is best to seek help from institutions specially made to address these needs. One of them is Esquire Financing Inc. or EFI.

EFI was founded in 2011 specifically to provide small business loans in the Philippines. They have access to financing and sound advisory services to SMEs for them to reach their full potential. 

EFI differs from banks and non-bank SME financing companies in the Philippines through the advantages it offers. Aside from not requiring collaterals, EFI offers flexible loan terms with minimal documentary requirements and a 7-days turnaround time. Understanding that each business owner has their own unique requirements, EFI offers loans based on the cash flow of a business. It also provides loans up to P10 million. With EFI, it’s all pros with no cons! It may be the best place for a small business loan.

If you are interested in getting a business loan from Esquire Financing, just visit our loans application page and see for yourself how easy it is to get your loans approved. You may also check this link for a list of the minimal documentation requirements. Start fueling your business dream! Apply for a business loan today!