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MSMEs support from bank, gov’t loans to accelerate business growth and expansion

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Micro, small and medium enterprises (MSMEs) can avail of a bank or government loan program to finance their everyday operations or expand their businesses, including one granting loans up to P150,000 without collateral.

Rod Mabiasen Jr., business head of BanKo Financial Inclusion and Microfinance Solutions, said BanKo, a subsidiary of Bank of the Philippine Islands, is providing NegosyoKo Loan and NegosyoKo Lite which are micro-business loan products tailor-made for self-employed micro entrepreneurs.

Mabiasen said these loan products offer loan amounts of P10,000 to P150,000 without collateral while securing an amount of P150,000 to P300,000 requires collateral.

He said these products have the lowest interest rate in micro-business loans, and offer fast approval and flexible payment terms.

“Our requirements in payment of amortization are customized based on the capacity (to pay) of the borrower… We match it with the cash flow of our businesses. For example, a poultry or piggery, if its harvest and selling are only once a month so we will not force your amortization payment (right away),” he added in mixed English and Filipino during the MSME Week 2023.

Small Business Corporation (SBCorp) head for Special Programs Ma. Linda Orsos said all MSMEs, including sari-sari stores, can avail of financing programs –the RISE UP Multi-Purpose and RISE UP Tindahan Loan– under the RISE UP with SBCorp.

The RISE UP with SBCorp is a loan program that aims to sustain the gains of MSMEs that have survived the past two years of crisis by providing multi-purpose loans that have soft terms and can be easily accessed.

“Why soft terms? Because, besides the lower interest, our payment period is longer. We provide a grace period of up to 12 months where payment is fixed –three months, six months, nine months and 12 months. This is only for the principal,” she said in mixed English and Filipino during the same event.

Orsos said the RISE UP Multi-Purpose is a program financing in which existing SBCorp existing borrowers and those intending to start their business can avail of.

“The RISE UP Tindahan Loan (can be availed by) sari-sari stores, retail stores, dealers and distributors under the network of partner  FMCGs (fast moving consumer goods companies),” she added.

Orsos said SBCorp, the financing arm of the Department of Trade and Industry, has streamlined the basic documentary requirements for availing the loan programs.

“Barangay certificate when the loan is up to P100,000 or mayor’s permit when more than P100,000. When it is a corporation or partnership, we need to submit corporate documents,” she added.

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