Now, free yourself from the bondage of usury by availing yourself of flexible, low-interest bearing loan from the GMA-CARES-SRE or the Ginintuang Masaganang Ani Countrywide Assistance for Rural Employment and Services - Small Retail Enterprise financing program of the government.
Launched only two months ago and run by Quedancor, the credit and guarantee company attached to the Department of Agriculture under Secretary Leonardo Montemayor, the program is becoming a big hit for cash-strapped farmers, fisher folk and retail entrepreneurs who want to borrow for their enterprise but don’t have the collateral.
As of mid-October, some 2,000 clients mostly market retailers, stall holders, and home "sari-sari" store owners have already successfully secured loans from the company, and the number is fast increasing, Montemayor, who chairs the Quedancor board, said.
The DA chief said it takes only a mayor’s permit or current municipal license, an updated NFA license if engaged in grains retailing, or stall award, or lease contract or other substitute documents and certification issued by proper authorities to make oneself eligible for a loan of up to P20,000 per borrower, payable in six months.
Quedancor managers said borrowers can settle the loan through weekly, semi-monthly and monthly amortizations. They can be allowed to borrow more at least after two loan transactions provided they have not delayed or failed to pay their amortization.
Those willing to pay weekly within the 180-day payment period will be charged only 8 percent interest rate of the loan while the semi-monthly payers will be charged 9 percent and the monthly payers 10 percent, said company president Nelson Buenaflor.
Montemayor pointed out that due to GMA CARES SRE’s growing popularity, Quedancor has already lent out P60 million as of Sept. 30, adding that borrowers should not worry about the loan fund getting depleted because the company had enough money in store for credit.
"We’ve released only P60 million so far and our goal is really to lend out at least P150 million by yearend, so we’re confident that we’re still on target," the DA chief explained.
He pointed out the financing program was meant to empower small retainers engaged in rice, corn, vegetable, fish, fruits, chicken, meat, fertilizer, feeds and other commodity trading, by providing them access to affordable source of credit so that they could sell more, earn more and at the same time help bring prices of food commodities down.
"We’ve come out with GMA CARES SRE because the role and development of small retail enterprises is essential in reducing poverty incidence and in attaining price stability," Montemayor added.
So, the next time the bumbay gets back at you for a loan offer, think something else. Try Quedancor’s GMA loans instead.