MANILA, Philippines - The Rizal Commercial Banking Corp. (RCBC) is offering a new short-term credit facility for small business applying for a business loan through the Rizal Biz Access Line.
RCBC Rizal Biz Access Line is a short-term, secured, revolving credit line that provides additional working capital and aids in financing the day-to-day operating expense of business owners with micro and small enterprises.
Unlike other business loans, this new credit facility gives RCBC branch managers a direct hand in approving a business loan, starting from a minimum of P1 million up to P5 million.
This shortcuts the loan approval process since the managers no longer have to deal with separate loan officers.
RCBC Division head for Retail Lending and Credit Division Ted Edward Tolentino said that borrowers must have a residential real estate property and show that their businesses are running profitably. Loan term is up to 360 days.
“The RCBC Rizal Biz Access Line shortcuts the process of loan approval.
In here, interested applicants deal directly with their branch managers who can already recommend for approval the said business loan,†Tolentino added.
Approved loan borrowers of the RCBC Rizal Biz Access Line also get to have their own multi-purpose checking account for easier and faster loan release with a lowered checking balance.
To date, the new short-term facility pulled in P150-million worth of approved credit lines and has a total number of 50 borrowers.
This includes companies, sole proprietors and corporations combined coming from all over the country with a strong presence in North and South Luzon provinces, and some in Mindanao.
These approved loan borrowers are engaged in different business ventures like retail trading, manufacturing, service, food business, construction, agricultural business, and wholesale distribution, among others.