Author: YUSAY CREDIT AND FINANCE CORPORATION
Abstract
Yusay Credit and Finance Corporation was established in 1960 and had grown into 15 branches around the Philippines in 2020. Since the beginning, their goal was to provide fast and personalized service through their multiple product offerings: Real Estate Mortgage, Chattel Mortgage, Businessman's Credit Line Facilities, Salary Loan, and Pension Loan. The company deeply invests in innovation and structure through their Loans Management System and Standard Operating Procedures put in place. The coronavirus pandemic brought around business challenges that the team solved through innovation partners and digitization. As part of their CSR efforts, the FGY Foundation Inc. (FGYFI) named after his father and the founder of Yusay Credit, had been steadfast in their initiatives focused on education and outreach programs.
Where It All Started
The Yusay Credit and Finance Corporation (YCFC) started in 1960 when Felix G Yusay founded Yusay Credit. Initially involved in the used clothing business, Yusay had to pivot when the importation of used clothing was banned. And so, Yusay started the credit and financing business which grew into 15 branches and multiple satellite offices nationwide by 2020.
The company and its mission had grown to be quite diverse over the years. It aimed not only to provide financial assistance but also to extend goodwill to help their existing and prospective clients achieve their goals. This was done through its Real Estate Mortgage, Chattel Mortgage, and Businessman's Credit Line Facilities.
From there, the company expanded its products to include the Pension Loan, which catered to the needs of retirees and pensioners. For more than five decades, “Fast and Personalized Service" has set the company apart from all others, giving it an edge over its competitors.
YCFC offered very competitive interest rates at 1% per month and transparent pricing, without hidden charges or fees. The products were intended to be honest and simple, to be able to cater to the unique needs of each client. Since then, the team has had regular meetings to discuss and brainstorm on how they could extend relevant and tailored financial services across different industries and individuals.
Fast and Personalized Service
Yusay Credit offered multiple loans, with very flexible payment terms. For sugar cane farmers and other seasonal businesses, they offered a lump sum payment term with no monthly amortization. This also applies to fish ponds and most agriculture ventures. This allowed the entrepreneurs to maximize the value of the loan and utilize the entire amount for the business. “We want to make sure we are catering to the needs of different types of businesses since our client base is diverse,” shares John Felix Yusay, the CEO of YCFC.
Cash is king and maintaining cash flow is one of the biggest challenges of any business owner, so they offered a credit line that a businessman could draw down against. They had also recognized the importance of the availability of cash needed by each SME. To truly cater to their client’s needs, the application was made to be as swift as possible, as long as all the documents required are ready, the application could be processed in 1-2 days. In most cases, the renewal for Salary Loans and Business Loans were immediate.
Because of their fast and personalized service, they had maintained a close partnership with their customers. They have had clients who had been renewing their loans for more than 10 years already.
As a rule, the company made sure that their relationships with their clients are healthy and without any problems. This included understanding the different industries and continuously evolving to provide the best products. Apart from refining their product offerings, they worked hard to simplify their processes while maintaining transparency and trust among their customer base.
Giving Back to the Community
Alongside the growth of the enterprise, Yusay recognized the need to do their share through civic responsibility. From its inception in 2007, the FGY Foundation Inc. (FGYFI) named after his father and the founder of Yusay Credit, had been steadfast in their initiatives. They had multiple medical missions and education programs. They sponsored Mangrove Planning missions, provided books, other learning materials, as well as school supplies to indigent school children.
In 2016, FGYFI developed a School Learning Resource Center in Lag-asan Elementary School in Brgy. Lag-asan, Bago City. The foundation established Educational Programs to help students have access to better education.
During the COVID-19 pandemic, they partnered with the Philippine Air Force and the PNP to provide PPE kits and conduct medical missions. They focused on providing basic needs to communities in dire need. The company had also established the Yusay Employees’ Credit Cooperative (YECCO) which helped provide some support to employees during the pandemic. Beyond the pandemic, the cooperative would help employees be more productive and establish sustainable growth by providing financial support.
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