SBCorp pledges support to MSMEs

The Small Business Corporation (SBCorp) offers loan programs in support of entrepreneurs in their micro, small and medium enterprises (MSMEs).

Speaking at the Asian Innovation Forum, SBCorp vice president for Innovation Wally Calderon presented their banner program Rise Up, a multi-purpose loan dedicated to helping MSMEs.

“We lend to those who can’t access formal institutions like banks or those who fall prey to what we call usurious lending,” Calderon said.

SBCorp also offers other types of loans such as micro multi-purpose loans (for multi sectoral microenterprises with at least a one-year business track record); MSME multi-purpose loan first timers (for multi-sectoral MSEs with at least two years’ business track record); MSME multi-purpose loan suki (for current borrowers of SBCorp in good standing with at least six months’ repayment track record).

The qualifications for those who wish to apply for SBCorp multi-purpose loans are: Filipino-owned businesses or businesses that are 60-percent Filipino-owned for partnership businesses or corporations; must have assets of not more than P100 million excluding the land where the business is situated; must have a business track record of at least one year; must have no past due account under any SBCorp programs and no major credit findings.

Calderon also shared SBCorp’s requirements for loan applications: Government-issued ID of sole proprietor (owner), managing partner, president, and CEO; mayor’s permit/barangay micro business enterprise (BMBE) certificate for loans of more than P100,000 or barangay certificate for loans up to P100,000; three pictures showing the business signage, inventories and fixed assets; bank or e-money account details (must be under the name of the sole proprietor, sole proprietorship or partnership, or corporation).

Calderon also bared SBCorp’s general loan features which offer loans up to P20 million. Borrowers can enjoy collateral free loans up to P3 million.

SBCorp, which charges an interest rate of less than 1 percent per month with monthly payments of up to three years, is a government-owned and -controlled corporation attached to the Department of Trade and Industry.

The Asian Innovation Forum is hosted by DAILY TRIBUNE at the Bayanan Baywalk covered court in Muntinlupa City.