MANILA, Philippines - The Philippine Franchise Association (PFA) is planning to forge partnerships with more banks this year to facilitate easier access to financing of individuals planning to get into franchise businesses.
PFA president Elizabeth Pardo-Orbeta said on the sidelines of a briefing for the launch of De La Salle Alumni Association’s (DLSAA) entrepreneurship expo yesterday the group intends to have tie-ups with more banks to allow prospective franchisees to have greater access to loans.
At present, she said the group has an existing partnership with BPI Family Savings Bank.
“We are looking at (partnerships with) other banks for greater access to loans,†Orbeta said.
Under the partnership, individuals that are planning to become franchisees of businesses can enjoy faster processing of loan applications as well as lower interest rates.
The process for loan applications is cut short as the PFA evaluates the prospective franchisee before being endorsed to the bank.
The group is planning to have the same model for its partnerships with other banks to make it easier for individuals planning to have a business through franchising to get access to financing.
Access to financing is among the major hurdles faced by individuals who want to have a business.
Orbeta said the group is currently working with Philippine Savings Bank for the same project. “It is almost ready. We will start it within the year,†she said.
The PFA is the country’s largest franchise association with members ranging from micro to large, homegrown and international businesses involved in food, retail and other services.
The group is actively promoting franchising as it is seen as a tool for economic development through the creation of employment.
With franchising seen as one of the options to get into business, the DLSAA has partnered with the PFA, the Association of Filipino Franchisers, Inc. and Go Negosyo for its its entrepreneurship expo Bullseye! Ignite Your Business Animo, which will be held on March 16 at the De La Salle University in Manila.
The event will feature discussions of successful Filipino entrepreneurs on franchising options, as well as how to put up and expand a business.