The Small Business Corporation (SBCorp) announced that it surpassed its revenue targets for 2024 and that earnings were expected to exceed P1 billion, significantly higher than the P900 million target. They attributed the achievement to several key initiatives in servicing lenders, particularly micro, small, and medium enterprises (MSMEs).

At the sidelines of the launch of two new loan programs for MSMEs on Friday in Makati City, SBCorp President and CEO Robert Bastillo told reporters that revenues for 2024 are expected to breach the P1 billion mark.

“Our target is P900 million, but we breached the P1 billion mark. That’s only preliminary because that will be confirmed first by the COA (Commission on Audit). Also, we surpassed our loan portfolio or the total amount of disbursed loans for 2024. The target for 2024 is P16.3 billion, and the actual is P16.7 billion,” Bastillo said.

Additionally, he reported that SBCorp’s net operating income for 2024 stood at about P431.1 million, nearly double their target of P230 million.

Regarding the number of MSMEs served through its various loan programs, Bastillo revealed that the corporation exceeded its target of 59,000 to 61,000 lenders this year.

“We aim to service 71,000 lenders for this year,” he added.

"These milestones reflect the government's commitment to level up the MSME Sector and make them the real drivers of the Philippine economy," said Department of Trade and Industry (DTI) Secretary Ma. Cristina Roque, who also serves as chairperson of SBCorp.

Roque emphasized that by digitizing and improving SBCorp’s lending processes, enhancing operational efficiency, and prioritizing customer experience, the corporation achieved record-breaking results “while remaining steadfast in our mission to support MSMEs.”

Key initiatives drive results

SBCorp attributed the positive results to several key initiatives, including streamlined and faster loan application and approval processes, ensuring efficient disbursement of government funds; adherence to governance standards that prioritize transparency, accountability, and strategic execution; and a commitment to financing 100 percent of all approved loan applications. These measures have significantly bolstered MSMEs, particularly in underserved and marginalized communities.

"We have weathered the storm of the pandemic, much like the MSMEs we have assisted," Bastillo maintained. "The corporate losses of the past few years were largely due to SBCorp's countercyclical role in the Philippine Financial System and prudent provisioning for the mandated COVID-related accounts. However, we believe that the corporation's performance in 2024 signals a new chapter of growth and financial sustainability."

Roque added: "Our goal is not just to grow revenues but to make a meaningful impact. By empowering MSMEs, we create jobs, and we empower the communities and industries that drive our nation's progress."

SBCorp’s newest loan programs, set to be operational by February 2025, include the Purchase Order Financing and Business Expansion Financing initiatives. Meanwhile, the Receivable Financing program, Creative Industry Fund, and Halal Fund are also slated for launch next month.