IFC’s First Investment in an NBFI in the Philippines to Support Women-Owned Small Businesses, Drive Post-COVID Recovery
In a bid toincrease access to finance for smaller businesses, especially women-owned ones, IFC is providing a PHP500 million (approximately $10 million equivalent) loan to Esquire Financing Inc., the fourth largest non-bank financing institution (NBFI) in the Philippines. The funding will help drive the economy, creating jobs, and accelerating post-COVID recovery in the country.
Part of its Base of the Pyramid (BOP) program, this is IFC's first engagement with an NBFI in the Philippines. The funding will allow Esquire, a market leader in the unsecured small and medium enterprises (SME) loan segment, to grow its loan portfolio and better serve women-owned SMEs (WSMEs) during and after the global pandemic. The entire proceeds of the loan will be earmarked for on-lending to WSMEs, which have been severely affected by COVID-19.