Roxas urges GFIs to speed up processing of SME loans

Trade and Industry Secretary Manuel Roxas II urged yesterday government financial institutions (GFIs) to expedite loan applications under the SME Unified Lending Opportunities for National Growth (Sulong) program.

Roxas said a faster processing of Sulong loan applications would strengthen the National SME Development Agenda and spur economic growth in the provinces and encourage more entrepreneurs to expand their businesses.

The DTI chief said that small and medium enterprises or SMEs make up 99 percent of all businesses in the country.

"Boosting their viability through loans and other services would eventually lead to more jobs and a stronger economy," Roxas said.

The National SME Development Agenda is a priority program of the government with the Department of Trade and Industry as lead agency.

The DTI is mandated to provide SMEs a seamless access to comprehensive services including financing, marketing, training and product development.

Sulong is a major component of the National SME Development Agenda which gives SME greater access to capital through the standardization of application procedures, requirements, fees and interest rates among GFIs.