The Small Business Corporation (SB Corp.), the financing arm of the Department of Trade and Industry (DTI), recently partnered with the country’s pioneer in outsourced bills payment collection industry CIS Bayad Center, Inc. for its loans payment collection.
“Having an accessible and reliable payment facility is very important to the MSME sector. With this recent partnership, our MSME clients will have access to a payment facility near them with longer business hours than that of most banks,” SB Corp President and CEO Ma. Luna Cacanando said.
Cacanando added that with the Pondo sa Pagbabago at Pag-asenso (P3) Program in full swing, SB Corp needs a loan collection partner that is known to many and has presence even in rural areas.
The P3 Program now has nearly 400 conduits and more than 80,000 micro borrowers nationwide.
Under the P3 Program, a micro enterprise can borrow P5,000 up to P200,000 depending on its business need and repayment capacity without collateral. For the loans, the interest rate and service fees are capped at 2.5 percent per month.
“Being the pioneer in outsourced bills payment collection, we have earned the confidence of the paying public. With Bayad Center’s network, SB Corp’s clients can now pay their loan amortization conveniently at any Bayad Center Branches and Authorized Partners nationwide,” Bayad Center President & CEO Manuel Tuason explained.
Through the partnership, SB Corp loan clients can now pay their regular loan amortization at the nearest Bayad Center starting this June.