15Mar/09292
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
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