23Jan/09218
Small and Medium Enterprise Credit Program (SMEC)
Program Title: Small and Medium Enterprise Credit Program (SMEC)
Program Objectives:
- To provide loans to SMEs through its accredited Intermediary Financial Institutions (IFIs) such as Thrift Banks, Rural Banks, Microfinance Institutions and Cooperatives as conduit for lending; and,
- To provide business support to IFIs and enhance their lending capabilities to improve SMEs productivity and competitiveness.
Eligible Borrowers: Micro, small and medium enterprises who meet the following qualifications:
- For sole proprietorship - the owner must be a citizen or permanent legal resident of the Philippines;
- For corporation, partnership or business organization - Philippine nationals must own more than 50% of the enterprise;
- Have principal place of business in the Philippines;
- Have a 100% privately-owned business with total assets of between P150,000.00 to not more than P100 Million excluding land value.
Loan Purposes: To finance investments of new and expansion of existing businesses for:
- acquisition of fixed assets such as land, building, machinery and equipment;
- payment for related services such as equipment installation, testing and start-up; and,
- working capital.
Loan Amount, Interest, Repayment Terms and Security:
Subject to discussion/negotiation by the Borrower with the IFI.
Contact Details:
Philippine Business for Social Progress (PBSP) - Unit Head
PhilipPine Social Development Center
Magallanes corner Real Streets, Intramuros, Manila
Phone: (02) 527-7741 to 48
Telefax: (02) 527.3751
Emails: pbsp@pbsp.org.ph
Web: www.pbsp.org.ph
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