Thursday, May 17, 2007 Lending firm extends P128-M loan to SMEs
LENDING to small and medium enterprises in Mindanao is reaching new heights with the approval of P128-M during the first quarter of 2007 or an accumulated P1.7 billion since 2002 worth of loan and guarantees from the Small Business Guarantee and Finance Corporation (SBGFC).
During the 1st quarter of this year, SBGFC's Mindanao Area Office (MAO) has shown remarkable improvement in its micro finance lending by releasing P17.14 million as against P4.4 million last year and has approved P3.44 million under its retail lending program as against P1.90 million last year.
On the other hand, its SME wholesale program originated a total P107 million, marking an 83 percent accomplishment of its wholesale target origination of P130 million for the 1st quarter.
MAO has also been able to enlist 15 new active conduits under its micro-finance program and has accredited the Enterprise Bank, Incorporated and Rural Bank of Sto. Tomas, Incorporated as the new active partner banks for its SME wholesale lending program.
To further improve its capacity to provide better access to financing in Mindanao, SB Corporation has transferred its Mindanao Area Office at Unit 76, 7th floor, Landco Corporate Centre, J.P. Laurel Avenue, Davao City, which will be inaugurated Thursday.
