Security Bank establishing system to support MSMEs

CEBU, Philippines —  Security Bank is taking a serious look at the current need of micro-small and medium entrepreneurs (MSMEs) with the establishment of a Business Banking Segment (BBS) designed to serve this particular group in the country’s business sector.

“We are very excited to serve our MSME clients through our Business Banking segment,” said JD Yap, senior vice president and head for BBS at Security Bank.

According to Yap, BBS has a strong team and structure in place to understand the individual behind the business and the fundamentals of the business itself.

“We will continue to innovate to meet the needs of MSMEs—transform the lending journey with faster turnaround times, develop new product bundles, and optimize interactions through digital channels,” Yap said

The establishment of BBS, Yap said, is the bank’s significant step to toward achieving its vision of customer-centricity.

With MSMEs comprising 99.5 percent of business firms in the Philippines, BBS aims to extend much-needed support to enable them to regain more solid footing and contribute to economic recovery.

BBS offers relevant products and services that cater to its client’s needs. It provides clients with Business Plus, an affordable checking account that comes with free access to the Bank’s award-winning cash management platform, DigiBanker.

It also offers loan products to fuel business growth and business insurance through the Bank’s partnership with FWD.

“We have two key loan products - Business Mortgage Loan (BML) allows customers to loan up to 80 percent of the appraised value of their collateral. Clients can loan up to P30 million and pay up to 20 years in monthly instalments,” Yap explained.

Clients looking for more flexibility in their fund use for their shorter business cycles may choose a Revolving Credit Line (RCL) version of BML which gives them to access short-term funds from ranging 6 to 12 months. For those needing a collateral-free loan, there’s the Business Express Loan (BEL), which allows clients to get up to P5 million to help grow their business.

“Every MSME has unique business goals and challenges that entail customized services and solutions.