The SSS Special Financing Program
Program Title: The SSS Special Financing Program
Program Objectives:
- To address the unavailability of credit facility to the business sector by making funds available through the SSS accredited conduit banks / participating financial institutions (PFIs) which will on-lend the fund to eligible borrowers;
- To encourage the formation and growth of barangay micro business enterprises; and
- To generate employment.
Eligible Borrowers:
- New or existing micro, cottage, small and medium enterprises including registered Barangay Micro Business Enterprises (BMBEs) as well as entities with asset size of not more than P200.0 Million;
- Enterprises engaged in agribusiness, manufacturing, utilities, transportation and communications, commercial production, particularly of food and basic consumer items, and products for export, trading, and service-oriented enterprises; and
- SSS member-employer of good standing.
Loan Purposes:
- Construction or renovation or expansion of building;
- Acquisition or upgrading of machinery and equipment;
- Acquisition of land; and
- Working Capital.
Terms/Requirements:
Amount: Maximum loan of P50.0 Million. For land acquisition, the loanable amount is up to 40% of its cost but not to exceed 40% of SSS loan.
Interest Rate (subject to review every five years):
- To PFI:
- 1 year - 7%
- over 1-3 years - 9%
- over 3-5 years - 10%
- over 5 years - 11%
- To End-user/ Borrower: PFI's option.
Maturity / Repayment: Maximum often (10) years, in equal monthly, quarterly or semi-annual payments, which may include a two (2) year grace period on principal payment, if warranted. Loan to BMBEs may be amortized monthly or quarterly depending on the cash flow projections of the borrower.
Security: Any collateral acceptable to the PFIs. However, loan to BMBEs, if not secured by hard collateral, may also be secured by the Small Business Corporation (SB Corporation) Guaranty.
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
Recent Posts
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- Microfinance Eco-Enterprise Program
- Microfinance Program for NGOs and Cooperatives
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