Taxumo, BPI partner for SME financing
By Edg Adrian A. Eva, Reporter
TAXUMO, an online tax compliance platform, has partnered with Bank of the Philippine Islands (BPI) Business Banking to help its partner small and medium enterprises (SMEs) gain access to funding.
Through the partnership, more than 100,000 Taxumo-registered users — mostly micro and small business owners and self-employed professionals — could gain access to faster loan processing and exclusive business loan rates under BPI’s Ka-Negosyo Loan portfolio.
“These are businesses that trust us to simplify and manage their tax compliance, and we’re excited to now offer them additional tools like access to business loans that can help fuel their growth,” Taxumo Chief Executive Officer Ginger Arboleda said in an e-mail reply to questions.
Taxumo users may borrow as much as P30 million, with no collateral required for loan amounts of up to P5 million, while loans above that are subject to bank evaluation, she said.
The loan process has become faster and more convenient for Taxumo users who are legitimate and consistent tax filers, as long as they have the documents typically required for business loan applications.
In a statement, Taxumo said the partnership with BPI addresses the common pain point of many SMEs, which is access to financing.
In a report by Dutch cloud banking platform Mambu in 2023, 77% of Philippine micro, small, and medium enterprises (MSMEs) “have been unable to secure sufficient or any funding on at least one occasion over the last five years.”
It also found that most local MSMEs fail to get loans due to strict lending requirements, often turning to family and friends for additional financing to sustain their operations.
Ms. Arboleda said under the partnership with BPI, SMEs would have access to the tools and financial support they need to boost their business.
Taxumo users can simply apply for a BPI Ka-Negosyo loan by clicking on the Business Loan tab on their dashboard.
To qualify, the business must be an active Taxumo subscriber with the intention to file, or preferably, has been consistently filing taxes through the platform, Ms. Arboleda said.
The business must also be profitable for two to three years, owned by a Filipino citizen who will be 21 to 70 years old when the loan matures.
