Formal financial institutions have not served this segment because of unfamiliarity with the risks. As a result, this segment is left to informal lenders who engage in predatory practices and illegal collection techniques. Maybridge promotes itself as a desirable and professional alternative to these informal lenders. Its core offering for this segment is the Blue Loan, a short-term amortized loan to finance education, medical needs, home repair, and personal emergencies
This segment is unserved by formal financial institutions. Most offshore offices of Philippine financial institutions operate purely as remittance centers with absolutely no capability for loan underwriting and loan administration. Maybridge finances overseas Filipino workers in Canada through a subsidiary, Maybridge Financial (Canada), Inc. Its core offering is a short-term amortized loan to finance education, medical needs, home repair, and personal emergencies. This product is called Mayloan. The company also provides financing to Filipinos who intend to study in Canada to enhance their skills.
A "missing middle" exists between the segment currently addressed by the microfinance institutions and the SME segment currently addressed by the banks. This "missing middle" is absent from the radars of microfinance institutions and the banks. Maybridge tries to bring this missing middle into the financial mainstream. Its product offerings for this segment are:
- An unsecured short-term amortized loan for working capital
- A secured medium-term amortized loan for working capital and capital expenditures
- A discounting facility for formal non-bank lenders that lend to the “missing" middle but have limited capital. This enables the lenders to recycle their limited liquidity.
Bridging the great financial divide
2nd Floor, Iriz One Corporate Center
35 Meralco Avenue, Pasig City, Philippines
firstname.lastname@example.org | call: (632) 942-7056
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