Tacloban City – Some 940,000 pesos worth of micro-loans were released to 26 pilot microenterprise beneficiaries of the Pondo Sa Pagbabago at Pag-asenso (P3) during its launching on February 9 at the Tacloban City Public Market.
SB Corp President Bartholomew Brillo Reynes and DTI Regional Director Cynthia Nierras awarded loan approvals and loan proceeds to beneficiaries during the launching. The beneficiaries engages in meat, vegetable and fruit vending in stalls located at the Tacloban City Public Market. A number of Sari-sari (Variety) store owners also availed of loans ranging from 30,000 to 50,000 pesos.
Reynes said P3 is a funding program that will provide microenterprises an alternative source of financing that is easy to access and available at a reasonable cost.He added that the program is aimed at boosting the development of the Micro, Small and Medium Enterprise (MSME) sectors.
Loan amounts range from P5,000 to P100,000, at a maximum interest rate of 2.5% per month, with no collateral requirement. Minimum requirements for loan application include business permit, Certificate of good standing (to be given by the market administration) and valid ID; processing takes one day provided documents are complete.
Currently the SB Corp is ironing out the operating mechanics with members of the Microfinance Council of the Philippines Inc. (MCPI) and of the National Confederation of Cooperatives Inc. (NATCCO). The program has been piloted in three areas in the country.