SAYING that small and medium enterprises (SMEs) are the lifeblood of an economy, one of the leading financing companies in the country has moved to help them address their financial difficulties
Rajan Uttamchandani, Esquire Financing Inc. (EFI) president and chief executive officer, said SMEs are the driving force of growth that employs most of a country’s workforce and paves the way for innovation and competition.
In fact, Uttamchandani said SMEs comprise the vast majority or at about 99.6 percent of all registered businesses in the Philippines.
He said SMEs provide jobs for 70 percent of the workforce, and produce about 30 percent of the country’s output making them an invaluable asset to the Philippines’ developing economy.
But while SMEs continue to grow at a steady rate, they often struggle with stability, lacking the financial resources and additional funding afforded to large-scale corporations.
“This lack of access to financing is the very challenge to SMEs that Esquire Financing Inc. sought to address,” Uttamchandani said.
He said the company distinguishes itself from other conventional institutions by devoting financial support to SMEs through an uncomplicated procedure, making clients’ satisfaction a top priority.
Navin Uttamchandani, EFI chief operating officer, said the company also continuously working with entrepreneurs in achieving their vision by flexibility adapting to their needs and teaching them the way.
He said EFI doesn’t respond to their clients’ needs through fixed product or solutions but they always consider the latter’s capabilities.
The company, he added, also targets to expand its distribution network as it focuses on contributing to economic growth by acquiring new clients.
Given the company’s mission to assist in the sustained prosperity of this vital business sector, Esquire executives and officers work closely with clients to help them conduct business analysis, develop effective marketing strategies and create professional networks.
Sandeep Chandarimani, EFI chief finance officer, said to date, the company has helped almost 2,000 SMEs in expanding their entrepreneurial endeavors.
He said they had already released a total of P7.3 billion in loans since 2012, mostly in the wholesale/retail, construction, trading and the food and beverages industries.
In June of this year, EFI launched the Sales Partnership Model, which aimed to bring Esquire’s products to emerging businesses and other untapped markets.
It also intended to make leaders out of existing sales agents, not only in bringing EFI’s products and services closer to its market, but also in building strong teams of sales affiliates who could grow their careers as financial advisors.
So far, EFI has six field offices mostly in Metro Manila and in cities where many SMEs remain underserved and a proprietary branch in Laguna.
The team is currently comprised of about 30 sales partners and over 1,000 sales affiliates.