FDFC, the fintech company behind digital credit app BillEase, and Shopee have launched their Seller Loan Program to help Micro, Small and Medium Enterprises (MSMEs) registered on Shopee as they struggle through the country’s continued quarantine.
The year-long program aims to help Filipino MSMEs cope with the adverse effects brought about by the COVID-19 outbreak and enhanced community quarantine (ECQ).
Interested Shopee sellers must have been operating for at least six months and ramping up their working capital. If they fulfill these requirements, they can then apply on BillEase for Business, BillEase’s financial service platform for small business lending, based on their sales record prior to the ECQ. Successful applicants can avail of P20,000 up to P2 million commensurate of their sales transactions, an extra one-month grace period for the loan repayment, and up to 12 months maximum loan term.
The loan program comes after Shopee’s announcement of its P200-million Seller Support Package, which will help up to 80,000 MSMEs. FDFC also has a tie-up with Lazada that offers interest-free financing, this time for consumers.
“We understand that Shopee sellers are still navigating the effect of ECQ and they are looking for partners that would look after their business financially,” said Georg Steiger, CEO of FDFC. “Our Shopee Loan Program will help these sellers who are either producing essential goods to continue operations amid the increasing demand or those preparing to recover after the quarantine.”
Shopee sellers can apply through this link.