Brief Description
The Small and Medium Enterprise (SME) Business Loan is a secured credit facility that caters to the business financing requirements of entrepreneurs and business owners. The program provides Short Term Loans or Revolving Credit Lines and Term Loans.
Features
Facility:
- Short Term Loan (Revolving Credit Line) - a 30 to 360-days revolving credit line ideal for business operating and working capital requirements
- Term Loan – a credit facility paid in monthly amortizations for a period of up to 10 years to address long term financing needs of businesses
Purpose:
- Store / Office Expansion / Improvements
- Acquisition
- Working Capital
- Refinancing of existing credit facilities
Loan Amount:
- Minimum: PhP500,000
- Maximum: PhP70,000,000
Processing Time:
- 21 banking days
Term:
- Term Loan:
- Minimum: One (1) year
- Maximum: Ten (10) years
- Short Term Loan: 30, 60, 90, 120, 180, or 360 days
Interest Rate:
- Prevailing SME Business Loan rate at time of availment
Interest Rate Repricing:
- Term Loan: 1, 2, 3, 4 and 5 years
- Short Term Loan: 30, 60, 90, 120, 180, or 360 days
Collateral:
- Real Estate properties (vacant lot, house and lot, condominium, commercial building, industrial)
Eligibility Criteria
Corporations, Partnerships, or Sole Proprietorship:
- Must be a Filipino-owned company
- Gross monthly income of PhP50,000
- With business operating for at least three (3) years
- Must have a landline number
Requirements
- Duly filled-out and signed application form
- Payment of appraisal fee
- List of major customers and suppliers with contact details
- Photocopy of two (2) valid IDs of each authorized signatory
- Business registration papers issued by the Department of Trade and Industry (for sole
proprietors)
- SEC Registration Certificate, Articles of Incorporation, By-Laws and latest General Information Sheet (GIS) (for corporations)
- Latest six (6) months bank statement
- Audited Financial Statements for the last three (3) years
- Income Tax Return for the last three (3) years
- Photocopy of TCT / CCT
- Photocopy of lot plan / vicinity plan / subdivision plan
- Photocopy of Tax Declaration