Small Business Corporation (SBCorp) and Monde Nissin Corporation (MONDE) signed a memorandum of agreement, making MONDE the first accredited fast-moving consumer goods (FMCG) company partner for the micro lender’s STAPLES (Sustaining Trade Access to Primary Food and Link to Enterprises) program.
Under the STAPLES program, sari-sari stores, which are customers of authorized MONDE distributors can access to collateral-free and interest-free loans from SBCorp. to increase their working capital and to help make small businesses more robust especially in the face of the pandemic.
SBCorp is inviting large food manufacturers, distributors, and suppliers to become accredited partners of SBCorp for the implementation of STAPLES in order to expand the reach of its program and to cater to a substantial number of sari-sari stores.
SBCorp, the micro financing arm of the Department of Trade and Industry (DTI), has called all FMCG companies, specifically those involved in food manufacturing, supply, or distribution, to be an accredited partner with SBCorp on its new financing program.
The loan product STAPLES aims to keep food suppliers afloat, and maintain food sufficiency and affordability in the country. Micro, small, and medium enterprises (MSMEs) in the food supply chain will also be able to retain or rehire their employees, and serve their communities when they are able to continue operating their businesses.
“We invite large food manufacturers to work together with SBCorp in implementing this new program and help foster the restart, strengthening, and growth of the MSMEs in the food supply chain,” said Ma. Luna E. Cacanando, President and CEO of SBCorp.
To be an accredited partner, FMCG food manufacturers must a be large enterprises, a nationwide network of at least 20 distributors and at least 100,000 sari-sari stores digitized into their salesforce automation system, and at least P5 billion annual sales.
The accredited partner will sign a memorandum of agreement (MOA) with SBCorp to include the marketing of the program to their channels of distribution and the sharing of information relative to the MSMEs in their supply chain.
Through STAPLES, MSMEs that are linked to the supply, production, distribution and retailing of a large FMCG company in food manufacturing can replenish their working capital and fund other business needs.
“We envision for our MSMEs to be free from the burden of scurrying for affordable, easy to access loans for the sustenance of their livelihood. The STAPLES program will allow them to access much needed funds and keep the retail food businesses running through the help of our accredited FMCG partners,” the SBCorp President and CEO said.
SBCorp is the program implementer of the Bayanihan CARES (COVID-19 Assistance to Restart Enterprises), which makes P8.08 billion available for MSMEs, tourism businesses, cooperatives, hospitals, and repatriated or displaced Overseas Filipino Workers (OFWs) affected by COVID-19 pandemic. To date, SBCorp has approved 32,600 loan applications. These correspond to a total loan amount of P4.98 billion.