Financing Programs

Program Title: Opportunity Ka-Partner Microfinance 1  (OK-MF 1) Program
Program Objective:   To help enterprising individuals improve their business through access of additional working capital.

Eligible Borrowers:

• Currently operating a micro-business that provides a daily or weekly income;
• Must be between 18-64 years old during the time of application;
• Must be of good moral character and in good health condition;
• At least 2 years residency if homeowner, and 4 years if “renter”;
• Of good credit standing and preferably no outstanding loan with other lending organizations;
• Must be referred and guaranteed by OK Partners; and,
• Must be willing to join a group for a semi-monthly meeting.

Eligible Projects/Business:

• At least one year continuous business operation; and,
• Engaged in trading, manufacturing, processing and services

Loan Purpose:   Additional working capital

Terms/Requirements:

Amount: Minimum of P5.000.00; Maximum of P20.000.00

Interest Rate: Two and one-half percent (2.5%) per month or thirty percent (30%) per annum, straight computation and amortized over loan term

Maturity / Repayment:

• P5,000.00 to P8.000.00 – 4 months
• P9.000.00 to P20.000.00 – 6 months
• Semi-monthly payments coinciding with the semi-monthly meeting

Loan Charges:

a. Application fee of P100.00, paid outright upon loan application

b. Other charges deducted from loan proceeds:

• Service fee: 4% of the loan amount
• Notarial fee P60.00
• Documentary Stamp Tax (DST):   P1.00 per P200 loan
• Mortgage Redemption Insurance (MRI):  P0.92/month per thousand peso loan principal plus interest (multiplied by term)
• Loan documents and forms fee:  P150.00
• Microinsurance
• Credit re-evaluation fee: P100.00 (for re-loan client who wants his/her credit limit to be re-assessed for increase)

Savings Requirement: Hold-out deposit of 20% of the approved loan amount in every
loan cycle

• First loan:   10% is deducted outright from the loan proceeds
• and the other 10% will be amortized over the term
• Re-loan: Any difference from the previous required savings is to be paid by the client before the loan release

Loan Amount Increase:

• Maximum of P3.000.00
• Increase subject to the recommendation of the OK Partners

Requirements for Loan Renewal:

• Payment of at least 60% of the loan principal with no single default payment
• Single default within the loan term means no increase in the next loan cycle

Requirements for Credit Line Increase:

• Full payment of principal and payment of re-evaluation fee
• No single default repayment from the latest loan

Contact Details:

Opportunity Microfinance Bank (OMB)
OMB Building, Robinsons Homes East, Commercial Arcade-1
Robinsons Homes East, Circumferential Road
Barangay San Jose, Antipolo City
Phone: 630-0141, Fax: 630-0165
Email: info@omb.org.ph
Web: www.omb.org.ph

• Antipolo: Rochelle Bonzo, 630-0141 local 137
• Valenzuela:  Abegail Bayan,  293-6377/6331
• Bagong Silang:  Mario Padre, 962-9070/9069
• Sapang Palay:  Alvin Arcinue, (044) 691-5450
• Fairview:  Alexander Caponpon, 431-8698; 931-4452
• Lower Caloocan: Grace Barcelon, 367-5349/5649