11Mar/09197
SME Unified Lending Opportunities for National Growth (SULONG)
Program Title: SME Unified Lending Opportunities for National Growth (SULONG)
Program Objective: To provide SSS members, belonging to the small and medium enterprises (SMEs) category, greater access to short and long-term funds through SSS accredited conduit banks/ participating financial institutions (PFIs) which will re-lend the fund to qualified SSS member-borrowers.
Loan Purposes:
- Short-Term Loan - export packing credit, and temporary working capital;
- Long-Term Loan - purchase of equipment, building or warehouse construction, purchase of lot, purchase of inventories or as permanent working capital
Eligible Borrowers:
- Existing private enterprises in all industries except trading of imported goods, liquor, cigarettes, and extractive industries like mining or quarrying;
- At least 60% Filipino owned;
- Asset size of not more than P100.0 million excluding land;
- Have positive income for the previous year (if previous year's income is negative, the average income of the past two or three years should be positive);
- Have debt-to-equity ratio of not more than 80:20 after financing, or 70:30 if borrower is a franchisee; and
- SSS member-employers of good standing.
Terms/Requirements:
Amount:
- Short-Term Loans - Up to 70% of the value of the Letter of Credit or Purchase Order for export packing, or 70% of the working capital requirement, or maximum of P5.0 Million.
- Long-Term Loans - Up to 80% of the incremental project cost, or maximum of P5.0 Million.
Interest Rates:
- Short-Term Loans
- To PFI - Fixed rate based on prevailing 364-day T-bill Rate,
- To End-user/ Borrower - PFI's option
- Long-Term Loans
- To PFI - Over 1-5 yr. term loan based on the prevailing T-Bond rate but not to exceed 10% p.a.
- To End-user/ Borrower - PFI's option
Maturity / Repayment:
- Short-Term Loans - Maximum of one (1) year.
- Long-Term Loans - Maximum of five (5) years with one (1) year grace period on principal payment.
Security:
a. Short-Term Loans
- Postdated Check
- Registered/Unregistered Real Estate Mortgage (REM) or Chattel Mortgage (CM)
- Assignment of Letter of Credit (LC) or Purchase Order (PO) (for export packing credit only)
- Assignment of Life Insurance
- Guarantee Cover
- Corporate Guarantee (if franchisee; for credit line-temporary working capital only)
- Assignment of Lease Rights (if franchisee; for credit line-temporary working capital only)
b. Long-Term Loans
- Postdated check
- Registered/Unregistered REM/CM
- Assignment of Life Insurance
- Corporate Guarantee (if franchisee)
- Assignment of Lease Rights (if franchisee)
Contact Details:
Social Security System (SSS)
Institutional Loans Department (ILD)
SSS Building, East Avenue, Diliman, Quezon City
Phone: (02) 927.8249, 920-6401 locals 5115 or 5118
Email: marquezls@sss.gov.ph
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