Manila (11 October) -- State-owned Development Bank of the Philippines (DBP) is making available an investment financing program that will further help entrepreneurs address their business expansion requirements, as well as fast-track the bank's efforts to support the growth of small and medium enterprises (SMEs) in the country.

DBP president & chief executive officer Reynaldo G. David said the SME Suppliers and Subcontractors Financing Program will provide financial support for the business expansion requirements of SMEs which may include the acquisition of machineries, equipment or assets, and the improvement of operations and facilities. The program can also provide production or pre-shipment working capital, as well as permanent working capital.

According to David, the program was designed especially for SMEs which are subcontractors or suppliers of big local corporations or foreign multinational companies operating in the country.

"The focus of the program is SMEs which have established a stable or long-term business relationship with their "big brother" local or foreign companies. We are looking at enterprises engaged in agribusiness.

Electronics and semiconductor manufacturing, the automotive industry, and other export-oriented manufacturing activities," David said. He added that the program should enable SMEs to boost their operations, equipment and services, thus enhancing their efficiency and contributing to their global competitiveness.

David said that DBP has earmarked an initial P1 billion funding support for the program. Interested SMEs may avail of investment loans of up to P100 million, and working capital loans of up to P50 million.