P92 million available to cooperatives

The Quedancor and the Cooperative Development Authority (CDA) launched last week a lending program that aims to promote and enhance the viability and growth of cooperatives in the country.

The program will be supported by a P92-million seed fund provided by Quedancor.

Quedancor president and CEO Nelson Buenaflor said the cooperative lending program seeks to transform cooperatives into productive and reliable partners in bringing credit to individual households, business and micro-enterprises to generate more livelihood activities and augment their incomes.

CDA Administrator Virginia Teodosio and Executive Director Niel Santilla expressed optimism that the program will be sustained and will continue to provide financing to viable projects of cooperatives and other businesses of marginalized farmers, fisherfolk and small agricultural workers.