BPI Family Savings Bank introduced recently a customized loan package to keep up with the growth of the micro, small and medium enterprises (MSME).
In partnership with the Philippine Center for Entrepreneurship, which runs the Go Negosyo campaign, the BPI Family Ka-Negosyo seeks to fit the financing requirements of the MSME.
“Growth will be higher in the middle, SME and consumers.
Multinationals have a lot of money, they tend to have low level, while the large corporate have the option of the capital market. The smaller ones will continue to grow,” Aurelio Montinola III, BPI president and chief executive, told reporters during the program launch.
Ma. Mercedes Roces, BFSB Vice President and Commercial Loans Division Head said in a separate statement that the goal of the program is to be the “entrepreneur’s trusted partner.”
“Our mission is to be the entrepreneur’s trusted partner, their Ka-Negosyo, working towards a growing and profitable enterprise,” she said.
For his part, Go Negosyo founding trustee Jose Ma. Concepcion III said his organization would publicize the recent breakthrough via its seminars and caravans.
Montinola said BPI currently serves 5,000 MSME customers with a total capital infusion of about P130 billion or 39 percent of the Bank of the Philippine Island’s total loan portfolio.
The plan, meanwhile, is to expand services to about 20,000 customers, he added.
Alfonso Salcedo Jr., president of BPI Family Bank, said that under the program, the bank can lend between P500,000 to P10 million to micro and small enterprises with good track record or cash flow.
Annual interest rates hover between 9 and 12 percent for a three- to five-year loan, Salcedo added.
The program includes services such as cash flow management featuring online payments to Bureau of Internal Revenue, Social Security System, PhilHealth, and Pag-ibig, employee payroll and fund transfers will be available to give convenience and flexibility to entrepreneurs.
In addition, the program employs various online tools to track cash flow, make tax payments and automate an entrepreneur’s business operation requirements.
“We want to provide small businesses a range of products and services that they need to make their enterprises expand and flourish,” Roces said. (Virgil Lopez/Sunnex)