2 days Ago
Philippines-based fintech company Advance and micro-financing services provider Cebuana Lhuillier are expanding their partnership with the signing of a P100-million lending deal. In a statement, Advance said the lending deal enables the company “to provide more credit, not only to thousands of individual employees but to hundreds of small and medium-sized businesses across the Philippines.” The partnership would form a new lending facility powered by both Advance and Cebuana Lhuillier, which would provide funding access to the SME segment that remains highly underserved.
“With this signed loan facility agreement solidifying our partnership, we at Cebuana Lhuillier are excited to see how Advance will unlock the growth potential of businesses across industries,” Cliff Cabungcal, chief finance officer of Cebuana Lhuillier. “Advance has been a valued partner of Cebuana Lhuillier since we joined hands in 2022. Through our Cebuana Lhuillier-Advance Salary Loans product, we have seen firsthand how Advance shares Cebuana Lhuillier's vision of enhancing the financial wellness of every Filipino,” said Cabungcal.
The lending facility is a follow-up on Cebuana Lhuillier and Advance’s partnership forged in May 2023, which launched and introduced Cebuana Lhuillier Advance —a lending product that enables employees to access a portion of their salaries as a revolving line of credit. "We deeply admire how Cebuana Lhuillier continues to champion financial inclusion in this country. We are excited to work closely together and expand our coverage to more businesses in need of growth capital through Advance's financial programs,” said Advance CEO Jaime de los Angeles.
Advance said its partnership with Cebuana Lhuillier is poised to create “a lasting impact” by leading employees to financial wellness and empowering small and medium enterprises to achieve their full potential and drive economic growth. —LDF, GMA Integrated News.
