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Manila Bulletin devider Business devider SBCorp loans to MSMEs hit P13.6 B

SBCorp loans to MSMEs hit P13.6 B

Published Feb 15, 2023 04:36 pm

SBCorp, the government’s micro financing arm, has extended a total of P13.6 billion to micro, small and medium enterprises (MSMEs) affected by the pandemic.

Ryan Lazo, SBCorp spokesperson, said at the Laging Handa Public Briefing Wednesday, Feb. 15, reported that as of Jan. 31 this year, loans that have been funded by Bayanihan Care and RISE UP reached P8.2 billion.

In addition, the P3 wholesale program also extended P3.2 billion while the retail program had disbursed P2.2 billion.

Since 2022, Lazo said, total loan applications received by the agency reached almost 16,000 of which 5,200 have been approved while 3,200 are still under process and 6,000 disqualified or disapproved.

Loans are being disqualified if the applicant has less than one year in operation because that is the basic requirement of the SBCorp to ensure the health and sustainability of the fund. A loan application gets disapproved if the applicant has existing or unsettled loans with other financing institution. Third reason is that the applicant has outstanding loans with SBCorp.

Just like other private lending institution, Lazo said they also incurs loan defaults, but SBCorp helps their borrowers to be able to pay up through loan restructuring. Once the existing debt has been settled, the MSME can avail of another SBCorp loan.

The RISE UP program is SBCorp’s banner program to help MSMEs survive the pandemic by providing them with multi-purpose loans.

The wholesale lending program is in partnership with other financing institutions like cooperatives, rural banks, and non-government organizations, which in turn relend the amount to micro enterprises.

“This is an ongoing program and in full blast implementation alongside with the RISE UP program,” he added.

The RISE UP lending program has also a sub-program called the Rise Up Tindahan, which targets enterprises that sell fast-moving consumer goods. Loan applicants for Rise UP Tindahan just have to partner with large producers of fast moving goods. Partner companies include Coca Cola Bottlers and Monde Nissin.

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MSMES microfinancing SBCorp
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