Based in Legazpi, Albay, entrepreneur Marco Antonio M. Soliman has joined the fray by creating a corporation LT & G Credit Line Corp. to operate a lending company.
Their clients include small sari-sari stores, market vendors, carinderia, vulcanizing shops, photo copiers, salons, small bakeries, hardware stores, meatshops, and fruit shops. “You have to study how to collect the money on a daily basis. We have a system to validate, we have cash flow analysis. We teach our clients to validate how much to allow a borrower so that it is within his paying capacity. If the validation is wrong, the problem will immediately show, so we need to establish the cash flow every day. So, there is science, and the IT system is the heart of our operation,” he adds.
“The heart of our operation is our proprietary sales and collection system that we built. So, we have our own IT department,” he adds.“Our clients and us are partners in growing our business,” says Soliman as he cited the number of borrowers that they have helped in Bicol even before going into franchising. So far, LT & G is the country’s fastest growing micro lending enterprise.
They have also instituted rigid daily meetings to thoroughly monitor clients, how are they performing in business and who are behind in their payments. “So, we also find the right balance of being of help to clients,” he adds noting how very affordable their rates are. “It is about your goals and putting the necessary hardwork to achieve them. Never surrender because trials will always be there, you will encounter difficulties but never give up,” he advises young entrepreneurs.
“I let my people shine and if I hire someone, he has to fill a specific need of the company. So, I always encourage them,” says Soliman, who sometimes runs his company remotely.Soliman said there is still more room for micro-lending expansion. Its study points to a potential 250-300 branches nationwide in the next five years. But they are already looking at conquering other territories in Southeast Asia, particularly Cambodia, Myanmar, Jakarta, two years from now.