Special Financing Program for Vocational and Technical Schools
Program Title: Special Financing Program for Vocational and Technical Schools
Program Objectives:
- To contribute to the development of vocational and technical skills necessary to increase the overall productivity in the economy, thus help in accelerating the economic and social development of the country;
- To improve access of the general population and in particular, SSS members and their dependents, to better educational facilities by providing long-term financial assistance to private vocational and technical schools through the SSS accredited conduit banks / participating financial institutions (PFIs); and
- To create awareness and appreciation of the demand and potential earning capabilities of vocational and technical skills.
Eligible Borrowers:
- New or existing private vocational and technical schools duly licensed by an authorized agency such as the Department of Education (DepEd), Technical Education and Skills Development Authority (TESDA), and Commission on Higher Education (CHED);
- At least 60% Filipino-owned;
- Have a proven track record of profitability;
- Have a debt-to-equity ratio of not more than 75:25 after financing;
- An SSS member-employer of good standing; and,
- Not have defaulted in the payment of any loan obligations or securities.
Loan Purposes:
- Construction of new school buildings;
- Completion or improvement of existing school buildings;
- Acquisition or repair/upgrading of school equipment and facilities;
- Repair and reconstruction of school buildings damaged by recent calamities; and
- Acquisition of land.
Terms/Requirements:
Amount:
- Maximum of 80% of the total project cost, but not to exceed P75.0 Million;
- For repair and reconstruction projects in declared calamity areas, 100% of the project cost, but not to exceed P75.0 Million.
- For land acquisition, the loanable amount is up to 40% of its cost but not to exceed 40% of SSS loan.
Interest Rates : Subject to review every five years
| Borrower | To PFI | To End-User |
| 1-3 years over 3-5 years over 5-10 years |
9% 10% 11% |
13% 14% 15% |
Maturity / Repayment: Ten (10) years, in equal monthly, quarterly or semi-annual payments, including a grace period of three (3) years on principal payment.
Security: Preferably by a Real Estate Mortgage on the borrower’s property or any collateral acceptable to the PFIs.
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
Jun 2nd, 2009 at 11:48 am
We used to have a private security institution recognized by TESDA & accredited by PNP-SAGSD,since the PNPSAGSD strictly enforced the complete equipment & facility necessary to run a security training school we were forced to cease our operation, my question is how much can we apply for a financial assistance so that we could continue our training school operation and what is the scheme of payments, our school was registered and starts operation in the year 2005 up to 2008.
Jun 4th, 2009 at 4:44 pm
i have been finish call center in spanish im try to apply even im 50yeards old, but im thinking if some financing will help me i have 4computer in myhouse diesel internet,where u think i can laon so i can add my computer or to work home call center,,,i home some of finacing will help to make small business, its nice to study call center but in old, so i know spanish speak, but all young is apply . so i hope some one finacing will help to make me add 4computer ,thk u my cel ,639197322351
Jul 23rd, 2009 at 1:08 pm
Sounds interesting. Thanks for info .I like You Now! (sounds weird.. should say I follow you Now!.. )
Aug 28th, 2009 at 12:22 pm
hi, my SEC registration for a technical vocational school has already been approved since i plan to convert my internet cafe into a learning center for computer hardware servicing, computer programing and finishing course for call center agents, i have already the computers and other equipments but i need fresh capital to pursue this project, am i qualified for the sss loan assistance? sinc ei dont have yet the track record as new to this project?
Sep 6th, 2009 at 3:56 pm
any gov. agency can help us or give us an idea to finance our project in housing … one of my relative own a 2500 sqm. lot and its vacant as of this time now we are planing to buy this property to sub divide it and build our own house in this area … we are compose of 20 pilipino who are planing to buy and have this property and we are willing to settle the terms of payment in 2 to 5 years to some gov. agency who finance our project.. small comunity housing …. hope any one here can give us an idea how we canget the suficient fund to build this small comunity dream possible. this project is costing around 2 million pesos only to buy the property and sub divide it and documentation needed. your not just helping us but it also helping pilipinos home less to have their own property. more power to all goverment agency in the philippines…
CONTACT INFO: 09187981011 OR email@ buz_man_6900@yahoo.com
Nov 10th, 2009 at 4:54 pm
Good post! I plan to move into this stuff after I’m done with school, as most of it is time consuming. It’s a great post to reference back to. My blog needs more time to gain in popularity anyway.