Mandaluyong entrepreneurs get livelihood loans

The Quedan and Rural Credit Guarantee Corp. (Quedancor), the government’s credit and guarantee agency, in cooperation with the city government of Mandaluyong, recently awarded over half a million worth of livelihood loans to the city’s small entrepreneurs.

During simple awarding rites last Monday at the City Hall grounds, immediately after the flag-raising ceremony, a total of 75 beneficiaries coming from five barangays in Mandaluyong received their livelihood loans ranging from P5,000 to P15,000. Most of these will be used as start-up capital for small businesses such as sari-sari store, eatery, vegetable and fruit vending.

The loans were availed of under Quedancor’s financing program for the urban and rural poor which utilizes the Self-Reliant Team (SRT) approach designed by Quedancor president and CEO Nelson C. Buenaflor.

The SRT financing model does not require any collateral while providing accessible and affordable credit. Last year, Quedancor’s sector and commodity specific programs anchored on the SRT model facilitated over P1.5 billion worth of loans for over 100,000 beneficiaries nationwide.

Also during the ceremony, Mayor Benjamin Abalos Jr. awarded a plaque of recognition to Buenaflor for his "relentless effort and invaluable assistance to implement the livelihood program of Quedancor… which greatly benefited the people of Mandaluyong City."

Witnessing the occasion were Vice Mayor Jesus Cruz, key city officials and city government employees.