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Manila Bulletin devider Business devider BSP standardizes 'borrower-friendly' business loan forms

BSP standardizes 'borrower-friendly' business loan forms

Published Nov 8, 2022 03:39 pm

The Bangko Sentral ng Pilipinas (BSP) has approved standardized business loan forms to improve access of micro, small and medium enterprises (MSMEs) to credit and financial products.

The BSP has recently approved BSP Circular No. 1156 for a “borrower-friendly” and borrower-centric Standard Business Loan Application Form (SBLAF) to streamline, make more efficient and transparent MSMEs’ loan application process.

BSP building and logo/Reuters

The BSP said on Tuesday, Nov. 8, that the mandatory SBLAF adoption took effect on Oct. 28, 2022. All BSP supervised financial institutions or BSFIs are given 18 months to comply with the SBLF requirements.

“The SBLAF (is) expected to help MSME borrowers better familiarize themselves with the loan process and find formal loan applications less intimidating,” the BSP said.

The BSP also said that adoption of the SBLAF will facilitate faster loan processing by increasing usage of digital loan application platforms. The SBLAF will support credit data requirements for credit registries as well.

“The introduction of an SBLAF for MSMEs was one of the initiatives identified by the MSME Development Council – Access to Finance Cluster where BSP serves as a member,” said the BSP. The council includes the Small Business Corp., Landbank of the Philippines, Development Bank of the Philippines, Credit Information Corp. (CIC), as well as banking sector and microfinance NGO representatives.

Meantime, the SBLAF templates were developed in close coordination with the technical working group composed of the following: Bankers Association of the Philippines, Cooperative Banks Federation of the Philippines, Chamber of Thrift Banks, Rural Bankers Association of the Philippines, Department of Trade and Industry - Small Business Group and Bureau of Small and Medium Enterprises, Philippine Guarantee Corporation, CIC and the BSP.

The SBLAF templates for loan application is the borrower’s primary application screening tool. It include the borrower information sheet and the list of supporting documents.

The BSP expects the SBLAF will improve a BSFI’s risk assessment, hasten turnaround time, and facilitate transition to digital loan application platforms. The templates will likewise improve the gathering of data requirements for an improved and consistent credit information services.

Covered entities include government non-bank financial institutions, stand-alone financing or leasing companies with quasi-banking license, and credit granting entities under BSP supervision.

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