New website makes it easier to get a business loan

MANILA, Philippines - Owners of small and medium-sized businesses can now find out just how eligible they are for a business loan without personally going to a bank or talking to a loan officer.

A new website, www.getaloan.com.ph, can show them if they are ready for a business loan in a matter of minutes.

This online facility opens a self-assessment questionnaire that a prospective loan applicant can fill out. The simple questions are designed to build a short profile of one’s business venture and credit make-up.

Each answer is given a score which, when calculated at the end of the session, will determine if the applicant qualifies for a business loan. The score given reflects the present policies and priorities of the bank and may change from time to time.

Those who pass the exercise will be contacted by a loan officer who will personally help them out in their actual loan application process.

A first of its kind in the local banking industry, this Web-based self-assessment exercise is an innovative tool introduced by the Corporate Banking Group of Rizal Commercial Banking Corp. (RCBC).

According to the group, the program is anchored on a screening and credit scoring model specifically developed for both small and medium-sized businesses.

Pre-screening loan applicants using the website will help RCBC entertain numerous loan inquiries more efficiently. It also presents a hassle-free way for local businesses to touch base with a bank for a possible loan.

“We know it is frustrating for local businessmen to put together voluminous documents, set up appointments with loan officers, go to the bank for an initial interview, and get turned down for a loan,” said Reynaldo Orsolino, RCBC senior vice president for commercial and SME banking.

“With this new portal, you will know at once whether or not you qualify for credit from the comfort of your desk. The questions will already give you an idea of what to expect when applying for a business loan,” he said. “Only when you pass the assessment will you be required to submit supporting documents to complete the application process.”

Orsolino said that in addition to providing greater convenience, this approach also encourages more entrepreneurs to stop relying on “informal” sources of credit that charge two to three times as much interest. They will also be able to avail themselves of a wide array of banking services and develop good credit history, which in turn, will result in easier access to credit in the future. 

Executive vice president Uy Chun Bing, head of RCBC’s Corporate Banking Group, said the Get-A-Loan website was also designed to help improve the flow of credit to numerous SMEs, in response to the call of the Bangko Sentral ng Pilipinas (BSP) for the banking sector to provide greater support to the funding requirements of this market.

The BSP stressed that these enterprises account for 99 percent of the total registered businesses in the country and employ more than 60 percent of the local workforce, making them key drivers for sustained and broad-based economic growth.

For his part, Michael de Jesus, first senior vice president for corporate banking, said, “This new website is a tool that will also allow us to play a more meaningful role in the government’s efforts to improve access to credit and build a stronger domestic economy.”