Asialink Finance Corporation increased its funding for small borrowers with a new P300-million credit line facility from Taiwan’s Cathay United Bank.

On Wednesday, Asialink said it had recently partnered with the Taiwanese bank last month, after also securing funds from CTBC Bank Philippines and Yuanta Savings Bank.

“We are strategically expanding our network by actively seeking partnerships with both institutional entities and individual lead generators. This initiative is geared towards broadening our outreach and diversifying the sources that contribute to our lead generation efforts,” Asialink’s chief executive officer Robert Jordan said.

He shared that the finance company has distributed loans to 27,000 borrowers last year, growing its total loan to P11 billion.

Alternative to traditional banks

Asialink boasts of low interest rates as an alternative to traditional banks and one-day loan approval to individual and corporate borrowers. It also has branches across the country.

With its new credit line facility, Asialink aims to help clients achieve their personal and business goals, such as owning cars, trucks, or real estate to better serve their own customers.

According to business consultancy McKinsey & Company, there are 15 million Filipino informal entrepreneurs and self-employed workers financial institutions can tap.

Department of Trade and Industry data shows that 1,105,143 micro, small and medium enterprises have registered their businesses with the proper government agencies in 2022.