25Jan/09232
Short Term Direct Lending Program (STP-DLP)
Program Title: Short Term Direct Lending Program (STP-DLP)
Program Objective: To extend short-term loans to small and medium-sized exporters to fund their preshipment and postshipment export financing requirements.
Eligible Borrowers:
- Direct Exporter;
- Successful export performance in the immediately preceding 12 months in a particular product area to be financed with a minimum export volume of US$50,000.00 within said period
- At least 50% of revenues in the immediately preceding 12 months is derived from export sales of its products or services.
- Indirect Exporter;
- Indirectly exporting in the immediately preceding 24 months in the particular product area to be financed
- Profitable operations in the immediately preceding 24 months
- No substantial derogatory record on firm, its principals and officers;
- Satisfactory credit performance;
- Minimum networth of P500.000.00; and,
- Maximum debt-equity ratio of 4:1 after financing.
Types of Credit Accommodation:
- Transactional Loan - case-to-case preshipment working capital loans, availments of which shall be against export/domestic L/ C(s)/CPO(s) or purchase of export/domestic bills or postshipment loans.
- Revolving Line - a twelve-month revolving credit line that may be availed of as in transactional loan.
Terms/Requirements:
Amounts:
- Preshipment Working Capital Loan - Actual production needs but not to exceed 80% of the value of the Letter of Credit (LC)/ Confirmed Sales Contract (CSC) or P20.0 Million, whichever is lower.
- Postshipment Loan
- Maximum amount shall be the outstanding value of the corresponding preshipment working capital loan.
- In cases where the export/domestic bill and/or receivable have no corresponding preshipment loan, maximum amount shall not exceed 80% of the value of the export/domestic bill/ receivable or P20.0 Million, whichever is lower; and,
- Aggregate loan limit at any given time for both pre and postshipment financing shall be P20.0 Million.
Interest Rate: PhilEXIM lending rate to be determined upon loan availment.
Maturity / Repayment:
- Preshipment Working Capital Loan - Maximum tenor of 180 days, the Promissory Note maturity shall be co-terminus with the expiry date of the relative export/domestic LC(s) or the delivery date of the CPO(s)/CSC(s). A 15-day allowance may be granted to cover transit time for receipt of proceeds.
- Postshipment Loan - Maximum tenor of 40 days from purchase of export bill or expiry of issuance period or maturity date of underlying export receivable.
Security:
- Real Estate and/or Chattel Mortgages;
- Suretyship Agreement of principals or major stockholders of the corporation;
- Deed of Assignment on the following when applicable:
- inventory of raw materials, goods in process and finished goods financed by the loan as well as inventory not previously assigned to a third party
- proceeds of domestic/export L/C, CPO, CSC, export bill, and/ or domestic/export receivables from a creditworthy buyer
- Export Credit Insurance (ECI);
- Endorsement in favor of PHILEXIM;
- "All Risk" marine insurance coverage (for postshipment loans)
- "All Risk" non-life insurance coverage
- Postdated Checks; and other acceptable collaterals.
Processing Fee: One-half percent (0.5%) of approved loan/line of P5.000.00 whichever is higher, payable as follows:
- Non-refundable 20% upon loan application and computed based on the loan amount applied for; and,
- 80% to be deducted from loan proceeds.
Taxes: Applicable taxes on availments, renewals, extensions, etc., and on all fees shall be borne by the borrower.
Documents Required:
- Duly accomplished/notarized Loan Application Form and Client Infromation Sheet;
- Brief history/background write-up of the company;
- Income tax returns and audited financial statements for the last two (2) years, if applicable, and interim financial statements if the latest audited statement is more than six (6) months old;
- Income tax returns and statements of assets and liabilities of sureties for the last two (2) years, if applicable;
- Cash flow projection after financing;
- Bank statement(s) to support cash balance of the latest available financial statement;
- Bank certification of the export negotiations for the preceding 12 or 24 months;
- For Single Proprietorship:
- DTI Registration and Business Permit for the current year;
- For Partnership/Corporation:
- Certified list of officers and specimen signatures
- SEC Registration, Articles of Incorporation Partnership and
- By-laws duly certified by the corporate secretary o Duly notarized Board Resolution authorizing officers of the company to sign, endorse and/or negotiate loan as well as open a current or a savings account with the conduit bank
- Copy of the title(s), tax declaration, tax receipt, location plan and other documents covering real estate offered as collateral;
- Copy of invoices and other documents covering chattels offered as collateral; and
- Other documents that may be required.
Conduit Banks
Conduit banks of PhilEXIM shall assist in the implementation of the program by extending the following international trade services to clients accounts referred by PhilEXIM:
- Opening of import letters of credit; and
- Negotiation of export documents.
Contact Details:
Philippine Export-Import Agency (PHILEXIM)
17th Floor, Citibank Tower, Valero Street, Makati City
Contact Details: Account Management
Direct Lending Program (DLP)
SME-(NCR) : Ms. Evelyn M. Gatchalian, 893-0300
SME - (REGIONAL) : Mr. Alex Arabis, 893-4974 (Direct Line)
Fax Numbers: 893-4474/4480
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