Esquire Financing targets 58% hike in loan releases

MANILA, Philippines - Lending firm Esquire Financing Inc. is aiming for a 58-percent increase in total loan releases for the small and medium enterprises (SMEs) sector this year from a year ago as it seeks to help more small businesses grow.

Esquire chairman and chief executive officer Rajan Uttamchandani told reporters on the sidelines of the Philippine SME Business Expo 2013 yesterday the firm is targeting to release a total of P6 billion worth of loans to the SME sector this year, higher than the P3.86 billion amount extended last year.

This, as the firm intends to cater to SMEs which want to grow.

“The focus of Esquire is growing SMEs by providing financing and consultancy services,” he said.

He said that while there are SMEs that are satisfied with the size of their business now, there are others that plan to expand and grow, and the firm would wants to cater to that segment.

He noted that SMEs which intend to grow their business need to have greater access to financing.

This, as banks consider lending to SMEs as risky.

Uttamchandani also said SMEs that want to become bigger enterprises should get advice on the steps needed to be taken to expand.

To be able to raise the amount of loans extended to the sector this year, the Esquire Financing plans to increase the total number of its sales partners or individuals which directly deal with the SMEs by facilitating the loan releases as well as providing consultancy services.

At present, Uttamchandani said the firm has 50 direct sales partners.

Esquire, which was established in April 2011, lends to the SMEs by borrowing from banks.

The firm likewise provides consultancy services to SMEs on management as well as marketing skills.

The Philippine SME Business Expo which opened yesterday and will be held until July 14 at the SMX Convention Center in Taguig City, seeks to help SMEs grow by providing the latest market trends as well insights from the country’s successful entrepreneurs.