First Circle unveils funding scheme to encourage switch to solar energy
With soaring electricity rates, especially with the summer heat, businesses are looking to the sky for some solar savings.
Luckily, gone are the days when businesses had to shell out hefty investments—depending on the system size and complexity—to deploy solar energy systems to power up their operations.
Financing firm First Circle, in partnership with Netsolar Inc., is empowering businesses to source electricity from their own solar panels, without up-front costs.
Unveiled at its annual GrowthX event recently, First Circle says both parties will cover the feasibility, permitting, installation, servicing and insurance of rooftop solar panels for potential customers.
With flexible payment terms, which First Circle promises to be a “low and fixed” monthly rate to cover maintenance and insurance, customers can own the solar panels after eight to 12 years.
Switching to solar power provides long-term savings for consumers as they will not entirely bank on utility companies. This will reduce their exposure to the volatility of electricity rates.
Aside from the solar financing program, First Circle has also introduced a Business Banking Account for small- and medium-sized enterprises (SMEs) with its partnership with Netbank.
Unlike other traditional and even digital banks demanding fees for every transaction, the company says the account offers fee-free and limitless money transfers for SMEs and requires no maintaining balance. It also includes other features like scheduled payments, batch payments, digital check scanning and digital check storage.
More loan products
Moreover, under its Business Credit Line, which offers “fast, flexible and noncollateral credit” of up to P20 million, First Circle is boosting this with two more financing products: the Business Credit Line Plus and the Express Business Loan.
The Business Credit Line Plus gives SMEs loan terms of up to two years with interest rates starting at 1.49 percent. The Express Business Loan, on the other hand, promises one-day processing, even with no paperwork or collateral required.
“These products are not designed for monetization—we want SMEs to use them for free, give us feedback and help us shape financing and smart banking solutions that truly reflect their needs,” says Chris Burgess, chief investment officer at First Circle.
“Every product we design is digital, instant and created to move as fast as your business. For the past nine years, our goal has always been the same: to drive economic growth by pairing SMEs with the financial services they deserve,” Burgess adds.
