It was fun listening to most of them, but the one I was most interested in was Mel Alonzo, because her talk was on readily-available access to credit for women. We know that many of our women need capital to start up small ventures like sari-sari stores and food stalls. Well, Mel talked about SBC’s SULONG (or SME Unified Lending Opportunities for National Growth", in which she said, "the Arroyo administration’s support for small and medium entrepreneurs finds tangible expression." SBC, through its lending program, has reduced the odds of women getting into business and made entrepreneurship a more attractive undertaking for women.
Let’s look at the women who have borrowed money for their businesses. Edralin Lagijino, a 1986 industrial engineering graduate, fabricates and supplies the replacement and spare parts for the tools and machines used in the manufacture and assembly of semiconductors and computer chips. Last December, she borrowed P470,000 working capital from SBC and used it to fill orders from semiconductor multinationals like AMI, Amkor Anam, an Cypress. This year, she expects to rake in P40 million in contracts, more than 10 percent increase over last year’s volume of P18 million.
Cristina Manas was able to set up an informatics computer school at the MRT Station at Ayala, Makati, with the help of an SBC loan. She had to have P10 million to set it up, and all she needed to complete the amount was P3 million. Her collateral was the franchise she got from the Informatics computer school chain.
Sagip Kabuhayan gave Aling Lourdes of Dinalupihan, Bataan, a P5,000 loan to put up a sari-sari store in front of her house, from which she earns an average net income of P300 a day. She says she no longer depends on her husband’s earnings for the family’s needs.
SULONG, said Amelia, is the government‚s response to the need for a unified lending program for entrepreneurs, tailored-fit to meet the funding needs of small to medium enterprises. It has simplified and standardized lending procedures and guidelines on loan purpose, fee structures, interest rates, application forms, financial rations, and other lending parameters. Short-term loans payable in one year and long-term loans payable n five years are available, with interest rates at 9 per cent for short term loans, ll.25 per cent for medium-term loans of up to three years, and 12.75 per cent for loans over three to five years.
"We lend to enterprises in all industries except those dealing with imported goods, liquor, cigarettes, and extractive industries (like mining)," said Amelia. Enterprises that are at least 60 per cent Filipino owned, with assets valued at not more than P100 million are qualified to avail of loans. "The best part is that we do not decline loan application simply on the basis of inadequate collateral, as long as the borrower is willing to mortgage any available business and personal collateral, including assets to be acquired from the loan, to secure the borrowing."
With friendlier loan guidelines and procedure, SULONG has made loan borring a less intimidating step to take for many entrepreneurs, especially women. And the good news is, by June 2003, SBC wants to be able to release P10 billion in loans to small and medium enterprises.
For inquiries, call 8105791, or drop in at the SBC office at 139 Valero St., Salcedo Village, Makati.