QC releases P3 M in loans to small entrepreneurs

Quezon City Mayor Feliciano Belmonte Jr. released P3 million in loans to 484 small scale entrepreneurs from depressed areas in Quezon City, the latest beneficiaries of the Puhunang Pangkabuhayan ng Sikap Buhay program of the city government.

This brings to 6,000 the total number of beneficiaries since the start of the program.

The beneficiaries mostly came from depressed barangays in Districts I and II like Barangays Ramon Magsaysay, Paltok, Pasong Tamo, Payatas, Baesa, Batasan Hills, Bagbag, Sauyo, Fairview, Commonwealth, Old Balara and Kaunlaran.

Under the scheme, first-time borrowers can avail a loan of P5,000. Second-time borrowers can loan from P7,000 to P10,000 while third-time borrowers can borrow as much as P15,000 to P20,000. For borrowers who have already availed of the loan five times and were able to pay back the amount with their corresponding interest, as much as P30,000 can be given. The loan is payable in six months.

This project is funded by the the National Livelihood Support Fund (NLSF) and disbursed through the conduit bank, Cooperative Rural Bank of Bulacan (CRBBI), headed by its general manager Nestor Custodio.

Aside from the CRBBI, other banks and organizations have been tapped to support the small scale entrepreneurs and the micro-financing program of the Quezon City government such as the National Livelihood Support Fund headed by its executive director Antonio Ortiz, and the Sikap Buhay under the supervision of officer-in-charge Alfredo Bretaña Jr.

Out of 142 barangays, 89 have already benefited from this program.