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Microfinance Program for Rural Workers
Program Title: Worker's Microfinance Program (KALINGA para sa mga Manggagawa Fund)
Program Objectives:
- To alleviate poverty among target workers through micro entrepreneurial activity:
- To support employment generation and promote entrepreneurship among workers; and
- To facilitate the access of workers to credit services to finance their livelihood and entrepreneurial activities.
Eligible Sub-Borrowers:
- Displaced workers in the formal, informal, and public sectors;
- Workers with existing micro-enterprise venture needing expansion; and
- Workers with no existing micro-enterprise but:
- Are willing to engage in such endeavor; and,
- Have participated in appropriate livelihood/entrepreneurial training.
General Criteria:
- At least one (1) year residency in the area;
- The micro-enterprise should have weekly or daily income;
- Must be 18-65 years old;
- One member per household can apply;
- Not presently employed or has no full-time employment;
- No existing loan with a microfinance institution (MFI)/People's Credit and Finance Corporation (PCFC); and
- Household monthly income of not more than P10,000 or below the poverty threshold.
Eligible Sub-Projects:
- Handicraft and small manufacturing (e.g. rug making, basket making, etc.);
- Services (e.g. tricycle operation, barber/parlor shop, repair shop, etc.)
- Food production/processing (e.g.. meat processing, candy making, bakery, etc.)
- Small agribusiness projects (e.g.. small piggery/poultry, cutflower production) and production loan for non-traditional crops (e.g.. vegetables) but should be supplemented by a business activity which yields a daily income; rice and corn and other traditional crops are excluded; and
- Market vending and small trading (e.g. sari-sari store, fish, vegetables vending)
Terms and Conditions
Loan Amount
- 1st loan - not more than P6.000.00
- 2nd loan to subsequent loans - upon evaluation of the MFIs, based on the previous performance of the sub-borrower
- A gradual increase may be given subject to the needs of the borrower and should be supported by a cash flow statement.
- The maximum loan amount is P150.000 00.
Interest Rate: Shall be based on market rate
Maturity: Shall be based on the sub-projects' cash flow and the sub-borrowers' overall repayment capacity.
Contact Details:
Bureau of Rural Workers
Phone (632) 527.5857 : 404.3336
Telefax: (632)527.5858
e-mail: brwmain@smartbroadband.net.ph
Web: www.brw.dole.gov.ph
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