BORONGAN CITY, June 1, 2018–Two micro financing institutions are serving as conduits of the Small Business Corporation or SBC in implementing the Pondo para sa Pagbabago at Pag asenso or P3.
The SBC is an attached agency of the Department of Trade and Industry.
According to Merly Nalic, Negosyo Center Business counsellor of DTI Eastern Samar, the two MFI’s are the Taytay sa Kauswagan Inc, and the Samar Micro Finance Coop or SAMICO.
Since November last year, Taytay has already downloaded loans to more than fifty small and medium entrepreneurs from the different towns in Eastern Samar, while SAMICO has also started accepting loan applications from individuals and associations.
A client can borrow from a minimum amount of P5,000 to a maximum of P150,000 payable with a 2.5 % interest every month. The money can be used to increase their capital and expand the businesses.
Most of those who availed of the loans are engaged in sarisari stores and other retail businesses.
The DTI said that a small businessman engaged in any venture can avail of the loan, provided it undergoes assessment by the MFI.
The financing institution will determine the amount it will grant the loan applicant.
To qualify for the program, a small entrepreneur must have been in the business for two years, the business must be licensed and registered with the DTI.
The P3 was established in response to the directive of President Duterte to help the small businessmen who are currently relying on loan sharks or 5-6 operators, by giving them access to an alternative micro financing facility that will process their loan applications faster, with lower interest rates and easy payment scheme. (Eden Cidro/Este News)