I know I started this blog with business ideas in mind, but I wonder what happened. 7 years later, I realized that I don’t have a single business post here. All sorts of small businesses ruled my life. With parenting, full time work and running a business on the side, my hands are always full.
As a struggling entrepreneur, I experienced first hand how hard it is to run a business with very little capital. This is why, First Circle, a growth-finance company aims to give small businesses the chance to compete, enabling them by providing easy access to finance.
In reality, SMEs contribute about 99% of economic growth in the Philippines BUT access to finance still remains to be the biggest hurdle for us, small entrepreneurs.
Online selling started around the early 2000 in the Philippines and it has continually grew permeating the traditional consumer journey towards purchase. Merchants on the other end of the consumer purchase spectrum have also reshaped how they do business, and for good reason.
Online sales is a different animal. Where once merchants enjoyed reigning over a proximate region , today e-commerce makes everyone and anyone accessible -anytime and anywhere – allowing for SMEs to proliferate rapidly.
First Circle aims to provide additional finances to SMEs with minimal time involved in the application process. The length of time saved means giving these businesses an avenue to, for example, but not limited to, win purchase orders which they would otherwise miss. This business model is replicated to a huge volume of online retailers, with Lazada being one of the strongest partners of First Circle. Catering to varied industries online, the growth-finance company provides a solution-suite based on business need, size and type ensuring bespoke business needs are provided with bespoke business solutions.
“We realized what we needed to do in order to empower small businesses was to reduce the amount of time it takes to open an account with us and also reduce the time it takes for them to avail of finance” – Patrick Lynch, President & CEO of First Circle declares when asked how First Circle was built.
He further stated that “The full end-to-end solution from the moment a consumer engages with us is done online. There is no paper exchanged. This also allows us to have great control in the customer journey”
First Circle points to the fact that the Philippine economy is growing at a 6% annual rate. With a 95% return rate for its customers and loan offers returned in under 24 hours for approved applicants, it surely is making huge strides in reshaping how small businesses in the Philippines can expand their business.
About First Circle:
First Circle is the first digital SME financing company in South East Asia. Creating powerful technology enables them to bring together the best businesses. They do this through a simple online account, advanced data analytics, dedicated customer success representatives, and a community of business owners complete with a host of useful resources.
First Circle exists to radically improve the course of opportunity for SMEs across South East Asia; to help business owners achieve growth that surpasses what they once believed possible; to expand their First Circle beyond their family and friends.