17Nov/08674
Lending Program for Cooperatives
Program Title: Cooperative Lending Program
Program Objective: To help augment income, generate more economic activities and transform people's lives.
Eligible Borrowers:
A. Agricultural cooperatives - small farmers, fisherfolk, and poultry/ livestock raisers.
B. Non-farmers/credit cooperatives - market vendors, employees, teachers, rural workers, women, etc. - which meet the following criteria:
- registered with CDA with a minimum of 60 members;
- minimum paid-up share capital of P30,000.00;
- all members should have attended Pre-Membership Education Seminar; o core management team composed of qualified full-time treasurer/cashier and qualified full-time bookkeeper and manager;
- with on-going savings mobilization program resulting to an annual average increase of savings of at least P500.00/member;
- with on-going capital build-up program resulting in annual incremental equity equivalent to P500.00 per member;
- with written policies, systems and procedures on membership management, capital build-up and savings mobilization, credit, accounting and budgeting, written plans and programs;
- with duly installed books of accounts;
- at least break-even in its operations;
- must be conducting periodic performance review operations;
- risk asset ratio of not less than 10%; and
- past due ratio of not more than 25% for bank assisted cooperatives/ newly accessing cooperatives.
- Sub-borrowers - individual households, businesses, and microenterprises.
Loan Purposes:
- Agricultural Production Loan (APL) - provision of short/medium/ long term loans, depending on the gestation period of the crop/ project, for relending to cooperative members engaged in crop production, livestock and poultry raising/breeding, fishery, and aquaculture projects and other agri/aqua-related projects, including cottage industries which utilize excess farm labor.
- Working Capital Loan (WCL) - for funding cooperative activities requiring operating capital for purchase of raw materials, processing and trading of inputs and/or finished products and the operation of fixed assets.
- Rediscounting Loan (RL) - improvement of liquidity and provision of capital requirements of eligible / accredited lending agents for funding relending operations using promissory notes of members of cooperatives.
- Fixed Asset Acquisition (FAL) - purchase of fixed assets to be used in the cooperative's operation.
Terms/Requirements:
Amount:
- Depends on the project needs or loan ceilings for traditional and high-value crops which should not exceed 80% of the project cost.
- For rediscounting - maximum of 85% of face value of the sub-promissory notes (PNs), except for sub-loans under the Innovative Financing Scheme which have 100% loan value on sub-promissory notes.
Interest Rate: Prevailing rate at the time of availment.
Maturity / Repayment:
- APL/WCL - lump sum depending on crop cycle and/or project cash flow.
- RL - co-terminus with the maturity dates of batch of sub-promissory notes rediscounted but not exceeding one year.
- FAL - equal quarterly, semi-annual or annual amortizations depending on the financial projections and production cycle of the project.
Security:
a. APL
- Deed of Assignment of PCIC insurance/guarantee coverage.
- Deed of Assignment of Produce.
- Deed of Assignment of Sub-borrowers PNs.
b. WCL and FAL
- Real Estate/Chattel Mortgage (REM/CM).
- Mortgage on Objects of Financing.
- Continuing Mortgage on Stocks.
c. RL
- Deed of Assignment Sub-borrowers' PNs including its underlying collaterals.
Other acceptable collaterals:
- Hold-outs
- Assignments
- REM
- Guarantee Coverage
- Joint and;
- Several Signatures (JSS)
Contact Details:
Program Management Department (PMD)
Phone: (02) 522-0000, (02) 551-2200 locals 2650, 2589
Fax: (02) 528-8541/42/43
Email: sme-pmu@mail.landbank.com
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July 18th, 2009 - 02:03
Please give me more information on how our cooperative can avail of WCL (working capital loan) to finance our soon to open Cooperative Stores and Alkaline water refilling stations in our twelve satellites. This is for the benefit of all our members numbering more than three hundred within Metro Manila. thank you very much.
August 24th, 2009 - 16:21
Dear Sir/Madam,
We are a Credit and Savings Service of a multi purpose cooperative here in Camp Aguinaldo. We would like to know how can we avail of a credit line with Landbank because of the volume of creditors, we dont have enough capital to lend to our personnel. The equity of the members is around 6M and we still need capital to let our personnel avail of the needed loans. Hope to hear from you.
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