STATE-OWNED Development Bank of the Philippines (DBP) has intensified its support to the micro, small and medium enterprises (MSMEs) sector with the launch of two new initiatives aimed at liberalizing credit access of small business owners and poultry owners, a top official said.
DBP president and chief executive officer Cecilia C. Borromeo said the DBP Small Business Puhunan Loan and the DBP Broiler Contract Growing programs reflect the bank’s commitment to further empower small entrepreneurs in the country and spur entrepreneurial vigor among the citizenry.
“These two programs are designed to remove the barriers that impede the growth of MSMEs such as lack of access to bank financing and slow loan processing,” Borromeo said. “Our hope is that through these initiatives, more entrepreneurs will be able to sustain their businesses and contribute to the growing economy.”
The new initiatives come on the heels of the DBP’s recent recognition as the SME Bank of the Year in the prestigious The Asian Banker - Philippine Country Awards. DBP was cited for the significant growth of its SME lending business and for creating value to its customers.
The DBP Small Business Puhunan Loan Program (SBPLP) provides permanent working capital from as low as P300,000 to as high as P1 million to micro and small-sized enterprises with existing account either with DBP or other banks. It aims to support the national government’s thrust to provide credit for working capital of small enterprises.
Borromeo said that aside from providing credit assistance to small entrepreneurs, “the SBPLP can open the doors to small borrowers who may later enter regular lending programs where they can avail of bigger loans.”
The Broiler Contract Growing Program is a sub-program of the DBP Sustainable Agribusiness Financing Program (SAFP). It is designed to encourage contract growers to expand their businesses by facilitating the financing of poultry broiler contract growing projects through faster loan processing.
Eligible projects under the program include farm acquisition, development, expansion or rehabilitation. Loanable amount is up to 80 percent of the total project cost with repayment term of up to 10 years. (PR)