First Circle

Company Information

With the dream of helping SMEs maximize their capabilities, a team of ex-Morgan Stanley, Goldman Sachs, McKinsey, Amazon, and Web summit managers established First Circle in 2016. As it aims to be one of the best Fintech companies in the Philippines, First Circle’s main objective is to enable businesses to achieve their full potential through fast, fair, and flexible financial partnerships. They are providing them the best support in capital. Initially, the idea to empower SMEs was to help them in their B2B (Business to Business) trade transactions. 

First Circle’s main office is located at 2F Net One Center, Bonifacio Global City, Taguig City, Metro Manila. Their business hours are from Monday to Friday, 8 AM to 6 PM. For further questions, you can contact them through their hotlines or via the email listed below:

• Telephone: (+632) 8580 3200
• Cellphone: (+63) 918 985 7937
• Email address: [email protected]

Building its integrity and maintaining the trust of its customers is one of the company’s priorities. That is why First Circle is among the earliest FinTech companies to be given a license by the Securities and Exchange Commission (SEC), making it a legal entity regulated by the laws of the Philippines. They are also the official finance partner of the Department of Trade and Industry (DTI), a member of the Philippine Finance Association, and a partner of Credit Information Corporation.

Types of Loans and Services Offered

With limited financial resources, the best option for SMEs to access additional capital is to get financing. That means seeking help from a financial institution to apply for the most beneficial financing option – lower interest rates, flexible repayment options, and higher loanable amounts.

In any business, cash flow is king. But sometimes, companies cannot get their collections on time, or some clients pay PDCs. This causes a gap in the cash flow. Ultimately, businesses face a cash crunch because, after all, the company operating expenses are running as long as the business is open. 

Revolving Credit Line

The Revolving Credit Line is like a credit card where businesses can use the credit limit up to a certain pre-approved amount, pay the outstanding and then renew. But, unlike a loan, you do not have to pay for interest based on the total credit line but only on the used portion of your credit line. And the good thing about it is that you have easy access to credit when you need it the most for only the amount you wish to borrow. 

Loan Features

• Loan Amount:  Php250,000 to Php5,000,000
• Term: renewable every 6 months
• Interest: ranges from 1.74% to 3.49% per month
• Other Benefits of a Revolving Credit Line:
  • You have an option to use and reuse the credit.
  • You get unlimited free drawdown with subscription
  • You get support from a dedicated account manager. 

Eligibility

To be able to qualify for a revolving credit line, the business must be able to meet the following criteria:

1. You must issue a sales invoice or receive purchase orders.
2. Your business must be located in the Philippines.
3. You have received an order from the following business organizations:
   1. Partnerships
   2. Cooperatives
   3. Corporations
   4. Or Government agencies
4. Your business must be duly registered with the required Regulating Authorities
5. You must be operating for at least one year. If not, you must have an annual revenue of more than Php15,000,000

Requirements

SMEs (Sole Proprietorship / Partnerships) may submit the following documents when applying for a Revolving Credit Line:

• Personal Information
  • 1 Valid Government ID of the business owner (Passport, Driver’s License, TIN ID, PRC ID, Unified Multi-Purpose ID)
• Business Information
  • Proof of Billing Address (Mayor’s Permit, Lease Contract, Utility Bills: Water or Electricity)
  • DTI Certification for Sole Proprietor/ SEC Certification for Partnerships of Corporation
  • General Information Sheet for Corporations
  • Article of Partnership for Partnership
  • Secretary’s Certificate for both Partnership & Corporation
  • FORM 2303 (BIR Certificate of Registration for Sole Proprietor
• Information of top 3 customers or Summary List of Withholding Tax
• Bank Statement and Audited Financial Statement

Why Choose First Circle

There are many reasons why a company must hold cash. Having a business not only means operating to be able to generate more profits – running a business also costs money. In some cases, a cash outflow comes first before you can realize it, and sometimes, it could take years for a start-up business to realize the fruit of its hard work.  

These are the main reasons why SMEs should choose First Circle:

Provide a Convenient Access to Cash

Every business needs cash to take care of its day-to-day operations. Another reason why companies need to be liquid is to prepare for emergencies to take care of immediate business needs. As such, the Revolving Credit Line that First Circle offers provides an excellent way for businesses to take care of what they need when they need it. 

Easy and Convenient Application Process

Some financing companies require very complicated requirements to grant SMEs the credit they need for their business. First Circles, demands are much more manageable. In addition, these documents are easy to gather and simple so that SMEs can conveniently apply. 

Allows Applications Online

You don’t have to go to their office and file personally, and with the advancement in technology, all the requirements can be submitted electronically. This takes away significant time from processing their credit line application – that means more time to run their businesses productively. 

No Hidden fees

It is guaranteed that there are no other forms of additional charges that will surprise business owners each time that they make their payments. Any charges that will be charged are only limited to those already stated in the agreement.                                 

Fast Processing

First Circle endeavors to approve the credit line application as soon as possible, provided all the documents are entirely submitted. This will be done in 5 to 7 days. Also, the verification of the status of your application and the processing can be monitored online.                                                                                                                                                          

Internationally Recognized

First Circle has proven they provide excellent service by being recognized as one of the ASIA CEO Awards finalists in the SME company of the year in 2020. Also, being supported by local and international advisors, First Circle remains one of the most trusted Fintech companies in the Philippines. Having great pillars, this company has maintained its pronounced reputation over the years.  

How to Sign Up

Here is a quick guide on how you can apply for a short-term business loan/revolving credit line:

There is also an alternative way on how you can apply for a Revolving credit line in just 3 easy steps as outlined in the website:

Conclusion

One of the biggest threats to the Philippine economy is SMEs’ lack of financing support. With them being the leading contributors for the economic growth of this country, There is a need for these sectors to be empowered, supported and guided because they can provide greater possibilities to the development of any nation. And unlike the privileges afforded to larger companies who can easily seek and get approval for financing when they need it, most SMEs are left behind, barely making it and struggling to survive. 

With the great help and compassion of First Circle to these struggling sectors, they have found a partner who will help them continue to reach for their business goals. Because of the notable concern of First Circle to the SMEs by developing an easy application process, easy access to working capital, reasonable interest rates and even managed to build a friendly environment with their customers, they continue to empower the Philippine economy, one SME at a time.