SBCorp offers lax loans to MSMEs

The Small Business Corporation (SBCorp) has offered flexible loans to small and medium business owners in Taytay, Rizal, to fund their businesses and their expansion.

During the Asian Innovative Forum held in Taytay last Friday, the government-backed lending corporation offered loans that were “more flexible” than private banks.

SBCorp’s public relations officer Jaynie Pajarillaga said the loans could be accessed by entrepreneurs, as long as the funds would be used in a good way.

“The only downside is that we are not releasing the money instantly compared to other online apps,” Pajarillaga said.

Although they lend money, Pajarillaga clarified SBCorp is not a banking institution. She said they are government-appointed and the funds they lend come directly from the government.

Entrepreneurs can borrow from P30,000 up to P20 million at minimal interest rates.

Among SBCorp’s loan programs is RISE UP, which is ideal for aspiring business owners due to its interest rate of less than 1 percent per month. This ensures that entrepreneurs can still take home a paycheck.

Aside from the low interest rates, loans are payable monthly for up to three years.

The smallest available loan is the Micro Multi-Purpose Loan, for which business owners must have a minimum of one year of business experience to qualify.

Pajarillaga said that with the looming PUV modernization, SBCorp is studying making loans to drivers of public utility vehicles.