Soco vows to prioritize programs for MSMEs

CEBU, Philippines — Newly elected sixth district Provincial Board (PB) Glenn Anthony Soco vowed to prioritize programs that will help the micro-small entrepreneurs especially in terms of access to finance.

Soco, who was former president of the Mandaue Chamber of Commerce and Industry (MCCI), has been advocating for the difficult plight of small businesses particularly on financial accessibility.

“Firstly, I will review all laws pertaining to our Micro Small Medium Enterprises. I will further study on how to give them more support by amending or enacting laws that will further provide support to our MSMEs. I will suggest to the Governor to re-activate the Provincial Micro Small Enterprise Council,” Soco said in an interview yesterday.

Part of Soco’s earlier call was for banks to extend credit card access to MSMEs, as corporate lending is still difficult to obtain.

Soco who also sits as chairperson for committee on infrastructure of the Regional Development Council (RDC-7) had been suggesting that extending credit card to MSMEs will aid their need for capitalization, and will save them from sourcing funds from the loan sharks or 5/6.

While most micro entrepreneurs are still not qualified for the usual bank standard for bigger loans, easing credit card requirements for this particular segment of entrepreneurs will not only help them in their daily capitalization requirements, but it will also boost the credit card business of banks.

Banks may only require the basic requirements such as business permit and proof of billing, he suggested.

Having a credit card is empowering, added Soco.

If banks have difficulties in extending whole corporate loans to these small businesses, credit card can aid their daily capitalization. (FREEMAN)