There are several types of business financing available for small and medium enterprises in the Philippines today.
Understanding Business Loan Application
Before applying for a business loan, here are key considerations to keep in mind:
- Why are you going to apply for a business loan?
- How to determine the required loan amount?
- What are the common business loan application requirements?
Top Business Loan Choices
The Security Bank SME Business Express Loan, BDO SME Loan, Tonik Big Loan, and SeedIn are among the top business loan choices in the Philippines.
Obtaining a Small Business Loan in the Philippines
Thankfully, many lenders now offer small business loans online, making the financing landscape more accessible in the Philippines.
Securing Business Funding and Government Support
Securing funding is essential for businesses, with the government in the Philippines providing support through various programs for micro, small, and medium enterprises.
Common Business Loan Application Requirements
The common requirements for a business loan application usually include:
- Signed and completed loan application form
- Government-issued ID
Understanding Business Loans for SMEs
For SME borrowers, there are three main types of business loans available:
- SME credit lines
- SME short-term loans
- SME long-term loans
Maximum Business Loan Amounts
Most banks offer a range of loan amounts varying between Php1 million and Php15-20 million, while online lending companies typically provide loans up to Php10 million.