Landbank opens P10-B loan facility for small businesses, cooperatives

Published April 17, 2020, 12:00 AM

by manilabulletin_admin

By Rizal Obanil

Micro lenders, owners of small businesses and incorporators of small cooperatives can avail themselves of a loan from the Land Bank of the Philippines.

This, after Landbank on Friday opened its P10-B loan facility to those who belong in these sectors of society.

In an interview over DZMM, Landbank president Cecilia Borromeo said: “Alam namin ang hinaharap na problema ngayon ng ating mga negosyo, SMEs and cooperatives, pati na din microfinance institutions.(We know what kind of problem businesses, SMEs and cooperatives as well as those in microfinance institutions are facing right now).”

The I-Rescue lending program, the Landbank president said will prioritize loaning money to medium businesses, cooperatives and lenders for agribusinesses.

Practically all sectors of society are now reeling financially from the effects of the enhanced community quarantine (ECQ).

This has prompted the government to come up with programs that will not only help those who belong to the poorest of the poor but the middle class as well, who have either lost their jobs or have suffered losses in their respective businesses.