EuroCredit Cooperative, a credit cooperative engaged in microfinance and retail credit services, has signed a memorandum of agreement with Mayor Feliciano Belmonte Jr. and the National Livelihood Support Fund (NLSF) last Wednesday.
The agreement paves the way for the implementation of the Puhunang Pangkaunlaran ng Sikap Buhay — Eurocredit program in the city.
Under the agreement, Eurocredit Cooperative shall provide credit, savings and cross selling opportunities to urban poor families in the city utilizing the funds that will be provided by the NLSF.
To avail of the program, a member must be a bonafide city resident engaged in any business activity.
A member-beneficiary will receive an initial capital of P5,000 from Eurocredit but the loanable amount will increase once repayment has been completed by the borrower.
Since the program’s launching last month, there are already 130 individuals from various urban poor communities in District I and IV who have availed of the credit facility.
Stock certificates were handed over to the 130 Eurocredit members during the signing of agreement between Mayor Belmonte, Eurocredit Cooperative president Atty. Alfeo Vivas and NLSF executive director Antonio Ortiz last week.
Meanwhile, the Novaliches Development Cooperative is also set to sign an agreement next week with the QC government during the distribution of checks to another batch of beneficiaries, this time in cooperation with Cooperative Rural Bank of Bulacan.
Since its launching in April 2002, the city’s microfinancing program has already assisted nearly 2,000 city residents, including the 250 new members from the Novaliches Development Cooperative.