Every time Sam Navalta approached a big bank for a loan for her three-year-old car detailing business in Valenzuela City, Philippines, she had to find an alternative source of financing.

While Navalta and her business partner had saved half of the needed capital to operate the shop in 2018, to secure the rest, she went door-to-door to different big banks in the city, only to get rejected each and every time.

“In the end, we decided to ask a relative of mine who had a good credit standing to ask for a personal loan instead since she already has a relationship with another bank,” Navalta said.


Elyssa Lopez

Based in Manila, Elyssa develops stories about businesses and their impact on the Philippine economy and culture. She was previously a staff writer for the Philippine versions of Entrepreneur and Esquire magazines, before freelancing full-time. Her bylines may be found on South China Morning Post and KrASIA.

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