1. This First Circle Product Terms & Conditions page (including any updates, changes, or supplements hereto) applies to all Accounts created on www.my.firstcircle.ph or any iteration thereof (the “Platform”).
2. The words “User”, “you”, and “your” in this page refers to any individual accessing this Website, while the words “we”, “our”, and “us” refer to First Circle Growth Finance Corp., its parent company, subsidiaries, and affiliates and the respective shareholders, directors, officers, employees, and consultants of each such entity (collectively, “First Circle”).
3. We may change or update the contents of this page anytime. Your continued use of your Account will signify that you (and the Company that you represent) have read, understood, and agreed to the applicable Terms & Conditions effective at the time of your use.
4. This Terms & Conditions shall be governed in all respects by the laws of the Republic of the Philippines. It shall be read together with and is an integral part of any definitive legal agreement(s) that you execute with First Circle (each, a “Financing Contract”).
5. Unless otherwise provided by law, any action, claim, controversy or dispute brought by any party based on this document shall be filed only in the proper court of Taguig City, Philippines, to the exclusion of any other venue.
Grant of Credit Line
1. Once the Company’s Account Documents are verified and approved, the User will be able to log onto the Platform and make different actions thereon, including viewing the specific amount that represents the total maximum principal amount of financing in Philippine Pesos currency (the “Credit Line”) that First Circle may extend to the Company at any given time.
2. The Credit Line is a unique amount granted to the Company based on the most updated Account Documents submitted to First Circle. A collective Credit Line may be shared among a Company and such of its Affiliates that also have an Account with us.
3. First Circle charges a minimal fee on the Credit Line, payable at the Company’s option as follows:
a. Pay on standby: a variable one-time fee upon grant of the Credit Line (the “Subscription Fee”), regardless of when or how many drawdowns the Company makes. b. Pay per use: a fixed fee each time it makes a drawdown on the Credit Line (the “Processing Fee”). This will be reflected in the Financing Contract that the Company will sign.
For the avoidance of doubt, the Company will not be charged both fees at the same time.
4. The Credit Line amount is exclusive of fees, interest, and other charges that First Circle may charge to the Company for an approved drawdown, as set out in a signed Financing Contract between Company and First Circle.
5. The amount of the Credit Line, remaining amount available for drawdown, and details of every drawdown made by the Company can all be viewed on the Platform.
6. For more information on your Account and how to use the Platform, please see our Account Management Standards page.
Making Withdrawals on the Credit Line
1. The Company can use up the whole Credit Line in just one drawdown or it may make as many drawdowns as it may need over time. All outstanding drawdown amounts together shall not exceed the Credit Line.
2. The Company can choose different payment terms for different drawdowns, each of which, if approved, will be collated in a separate Financing Contract and sent to you for your review and records. Once approved and disbursed, the drawdown will constitute a binding financing obligation payable by the Company to First Circle.
3. Each drawdown will reduce the Credit Line by the corresponding withdrawal amount, and each repayment shall replenish the Credit Line up to the corresponding payment amount received by First Circle.
Keeping Your Credit Line Active
1. To keep the Credit Line active and to ensure that your drawdown request will be approved without delay, the Company must continuously comply with First Circle’s credit policy in force at the time of the request. Please contact your account manager or drop us a message at firstname.lastname@example.org to know more.
2. First Circle reserves the right to disapprove a drawdown request or even freeze the entire Credit Line under certain instances, such as when:
a. The Company reaches 75% aggregate usage of the Credit Line after more than one drawdown, and such earlier drawdowns have not been paid. b. The Company has not paid the fees due on its Credit Line. c. The Company is or is likely to be in Default on its obligations to First Circle (as Default is defined under a specific Financing Contract or other agreement with First Circle). Some examples of Default include failure or delay in payments to First Circle, submission of fraudulent, misleading, or false Account Documents, or commencement of insolvency, dissolution or closure proceedings against your Company. d. The Company fails to comply with our credit policy and is not able to successfully contest or cure our findings to the satisfaction of First Circle. e. When other circumstances adverse to First Circle develop or are made known to us during our business relationship with your Company.
3. First Circle has the sole discretion to suspend an Account that is suspected of being involved in or used for criminal, fraudulent, unauthorized or highly irregular activities, without prior notice or any liability to the Company or the User. The suspension may continue until we have confirmed the true nature of these activities.
"First Circle is worth looking at because it can address the issue of small businesses who cannot get finance from banks.”
Sergio Luis Ortiz
President, Philippine Exporters Confederation, Inc. (PhilExport)