Ayala-led Bank of the Philippine Islands (BPI) has teamed up with the Department of Trade Industry (DTI) to offer collateral-free term loans to small and medium enterprises (SMEs) in need of lifeline during this prolonged COVID-19 pandemic.
In a press statement, BPI business banking head Eric Luchangco said the collateral-free loan facility for SMEs signified BPI’s commitment to usher towards sustainable recovery business owners who have endured the effects of the pandemic.
“This is a strong testament to BPI’s resolve to help the SME community bounce back and recover through our partnership with DTI,” said Luchangco. “Through this loan, the bank is optimistic that we will be able to provide more and better opportunities for SMEs to move forward.”
Apart from being collateral-free, the facility seeks minimal documentary requirements. BPI also assures a fast turnaround time. The loan is offered to businesses that have been profitable for at least three years, with owners residing in their present residence for at least two years. The loans are offered to new clients who can use the proceeds for immediate opportunities, urgent needs or working capital to restart businesses, or as a source of funds for expansion. Qualifying SMEs may use the loan for various purposes such as building up inventory, adjusting or improving operations and adding manpower.
BPI and DTI Laguna recently conducted a ceremonial check to disburse SME loans to business owners who have availed of the facility. Through the partnership with the DTI, BPI has committed to help many SMEs from different cities and municipalities in the country. DTI-Calabarzon and its arm in Laguna, through regional director Marilou Toledo, is the first to benefit from this partnership.
The first batch of SMEs to avail of the term loan came from Laguna: Harito Food Products, Natures Dew Enterprises, Ron’s Turo Mo Luto Ko, Seafood Grill & Restaurant and Ai She Footwear. These businesses are involved in food processing, restaurant and footwear manufacturing. The loan facility has helped them construct warehouses or upgrade equipment.
Both BPI and the DTI have been running webinars for SMEs in different regions to engage and encourage them to avail of the loan and learn from the expert advice of professionals.
