AS OF December 2017, some P13.62 million worth of loans have been released to micro borrowers in Davao Region through the Pagbabago at Pag-Asenso Program (P3) of the Small Business Corporation (SB Corp), a micro-financing agency attached to the Department of Trade and Industry (DTI).
The loans, released through SB Corp.'s partner conduits in the region, will benefit 280 beneficiaries.
Maria Belenda Q. Ambi, DTI 11 regional director, told SunStar Davao in an interview Wednesday, April 25, that small and medium enterprises (SMEs) in Davao Region now have better access to financing through P3.
At present, there are nine P3 conduits in the region -- Radiowealth Finance Corporation (RFC), Cebuana Lhuillier, Bankerohan Market Vendors Cooperative, King Cooperative, Kapalong Market Vendors Cooperative, Davao Oriental Health Personnel Multi-Purpose Cooperative, Davao Oriental Market Vendors Multi-purpose Cooperative, Nabunturan Farmers Multi-purpose Cooperative, and the Mass-spec Cooperative Development Center.
The largest amount of loan released to micro borrowers went to the Mass-spec Cooperative Development Center at P6.06 million, with 159 beneficiaries.
Ambi said the P3 is a program of the government to make more accessible to SMEs microfinancing at a lower rate.
According to DTI, the program is part of the strategic efforts of the agency to boost the development of the SMEs, specifically market vendors, agri-businessmen and members of cooperatives who do not have easy access to these services.
The financing program's interest is at 2.5 percent per month while payment can be done daily or weekly.
Borrowers may apply for loans ranging from P5,000 to P100,000.
Ambi said interested borrowers may approach any of the accredited partner conduits of the SB Corp.