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PIA Press Release
2009/10/17

Small businessmen appeal for softer requirements from loan provider

by L. Lopez

Tabuk, Kalinga (17 October) -- Micro-entrepreneurs in the province appeal for softer requirements from the Small Business Guarantee and Finance Corporation (SBGFC), the attached agency of the Department of Trade and Industry (DTI) that grants loans to small business applicants.

Micro-entrepreneurs complain of too strict requirements by the SBGFC that prevents them to avail of its loan assistance, as financial aid component of the Rural Micro-entrepreneur Promotion Program (RuMEPP).

While some applicants have already complied with the first requirement of undergoing business management training, they can not proceed with starting a small business because of what they claim as preventive requirements by SBGFC.

Following this, a dialogue is set among the representatives of the RuMEPP Program Management Unit (PMU), Micro-finance Institutions (MFIs) who will represent small entrepreneurs and SBGFC.

Loan applicants also assail the interest rate offered by SBGFC at 9-11%, saying this is no-different from prevailing rates of existing lending institutions.

We expect at least a lower rate from this loan provider, since it is under a special program of the RuMEPP, the applicants stressed.

With its existing loan interest rate and strict requirements, the program is far from delivering its objectives to small Filipinos interested in starting a small business, the group said.

DTI-Kalinga continues to assist small business applicants to borrow from available credit lenders in the province like cooperatives. There are already recommendations sent out to willing credit cooperatives here for assistance to qualified borrowers screened by the DTI under the program. (PIA-Kalinga) [top]

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