Union Bank of the Philippines’ fintech arm UBX and e-commerce platform Lazada launched a  lending program for micro, small and medium enterprises (MSMEs) through digital platform SeekCap. Over 6,000 MSMEs have already signed up with a 300 percent increase in first quarter loan applications. UBX says that its commitment to assist MSMEs in getting back on their feet after the pandemic will be greatly supported with SeekCap.

SeekCap allows MSMEs to digitally apply for loans, contrary to the usual requirement of physical documents and personal submission to get an approval. MSMEs can also customize their loan program based on their needs, including funding for payroll, inventory and other expenses. 

Loan applications can be approved on the same day of submission, which subjects the document to review before the disbursement release. SeekCap currently offers P50,000 to P80,000 business loans with two to three percent monthly interest. The roster of lenders, which SeekCap will continue adding to, include Progressive Bank, Union Bank and EON SME Credit Card.

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