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Saturday, January 07, 2006
State agency allots P450M in loans for SMEs
The Philippine Export-Import Credit Agency (Philexim) hopes to release P450 million in direct loans to small, medium and large enterprises in the Visayas and Mindanao this year.
Philexim Visayas and Mindanao head Alex Arabis revealed that the agency has extended a total of P50 million in direct loans to Cebu-based companies last year.
Philexim—formerly known as the Trade and Investment Development Corp. of the Philippines—grants direct loans to small and medium enterprises (SMEs) that cannot avail themselves of loans from banks under the SME Lending Opportunities for National Growth program.
Guarantee
It also provides a 90-percent guarantee (a substitute to collateral) to banks for loans made by SMEs while it gives 100-percent guarantee for loans made by large enterprises.
“We have recently approved the P3-million direct loan of ABC Rattan Traders Co. for its expansion project,” Arabis said.
Located in Mandaue City, ABC Rattan buys rattan from Mindanao and sell them to local furniture factories in Liloan town and in the cities of Mandaue and Talisay.
Arabis said Beve Sea Enterprises, producer of seaweeds, was also granted a P2 million direct loan.
He also revealed that the lone hotel (My Little Island Hotel) in Poro, Camotes plans to add 100 more rooms and applied for a loan.
“We are still processing their application for a P50 million loan. We are also waiting for a recommendation from the Department of Tourism,” he said.
The hotel stands on a five-hectare property in Camotes, an island at the northern tip of Cebu province.
Existing
Philexim Cebu reported 12 existing accounts composed of SMEs in Cebu from 2004 up to the third quarter of last year.
They include fashion accessories firm Pan Arts Corp., and furniture firms E & B Industries, Detalia Aurora Inc., Rojas Exports, Riche Arts and Designs and Crown Export International.
“We give priority to projects that are in line with information and technology, infrastructure, agro business and tourism,” Arabis said.
He added that Philexim Cebu will expand its coverage in Mindanao area as part of the agency’s management restructuring program.
“With our new system now, the process of availing guarantees and direct loans have been made easier and faster,” he said. (ALC)
For Bisaya stories from Cebu. Click here. (January 7, 2006 issue)
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