SEEKCAP, the online lending platform of UnionBank of the Philippines, Inc., will offer loans to small businesses that have healthcare plans with Maxicare HealthCare Corp.
The new deal will allow Maxicare users, particularly micro-, small-, and medium-sized enterprises (MSME), to avail of credit ranging from P50,000 to P1 million, UnionBank said in a statement.
Maxicare has a set of health management organization (HMO) plans tailored for MSMEs that have a workforce of three to 99 employees. These plans also cover the dependents of employees in small businesses.
“This partnership will enable continued business growth for MSMEs while keeping the best asset of every business — its employees — a priority,” UnionBank said.
The loan offerings for MSMEs will have a repayment period of over 36 months.
The loan application with SeekCap as well as approval are done online, reducing processing time and borrowing costs, the bank said.
“By removing the need for physical paperwork and personal appearances at the bank, approvals that used to take days or weeks, are now completed within a single day,” UnionBank said.
Online lending marketplace SeekCap has over 40,000 MSMEs registered on the platform and has processed over P2 billion in business loans since it was launched in 2019.
Its parent UnionBank saw its net profit climb by 78% year on year to P4.7 billion in the first quarter, backed by an improvement in its risk profile and stronger capital buffers.
Shares of the Aboitiz-led bank closed at P77 apiece on Tuesday, down by 50 centavos from its previous finish. — LWTN