FINANCING COMPANY First Circle said it is offering business bank accounts for small and medium enterprises (SMEs) in partnership with Netbank.
The account offers no fees, limitless money transfers for SMEs, and requires no maintaining balance.
Users can schedule payments, make batch payments, scan and store digital checks.
“These products are not designed for monetization — we want SMEs to use them for free, give us feedback, and help us shape financing and smart banking solutions that truly reflects their needs,” First Circle Chief Investment Officer Chris Burgess said in a statement on Wednesday.
“Every product we design is digital, instant, and created to move as fast as your business. For the past nine years our goal has always been the same: to drive economic growth by pairing SMEs with the financial services they deserve,” he said.
“All transactions use InstaPay and are made in real time within a seamless and paperless digital environment, with all deposits insured by the PDIC (Philippine Deposit Insurance Corp.),” First Circle said.
The company also launched a Solar Financing facility for SMEs in partnership with Netsolar.
“First Circle and Netsolar cover the feasibility, permitting, installation, servicing, and insurance of rooftop solar panels for interested clients. The panels can be owned (within) 8-12 years; until then, clients will only have to pay a small, fixed monthly rate for panel maintenance and insurance,” it said.
The company is also adding Business Credit Line Plus, which offers SMEs loan terms of up to two years with interest rates starting at 1.49%, and an Express Business Loan, which provides bridge financing approvable and disbursable in one day with no paperwork or collateral required.
“SMEs can apply for First Circle’s Business Banking Account, Solar Financing, Business Credit Lines, and Express Business Loan at firstcircle.ph,” the company said. — Aaron Michael C. Sy