DTI launches loan program for MSMEs

CEBU, Philippines – At least 29 entrepreneurs were given access to loans to expand their existing businesses through a program initiated by the Department of Trade and Industry-Cebu Provincial Office.

DTI-CPO director Nelia F. Navarro said that this is just a start of connecting the entrepreneurs to the appropriate institutions such as the Bank of Makati Inc., (BMI) to assist their capitalization needs without having to resort to informal loan facilities.

BMI recently participated in DTI's "Financing Forum", as part of the activities of the offer by "Negosyo Center", and allowed the micro, small and medium entrepreneurs (MSMEs) to learn the step-by-step procedure on how to avail of the "Power Negosyo Loan 300 Program."

The loan program allows MSMEs to loan up to P300, 000 to expand their business with low interest rate.

Built on more than 50 years of experience in community banking, BMI was originally founded as a rural bank in July 1956. Since then, it has helped countless Filipino savers and entrepreneurs achieve their dreams.

The forum is the first activity conducted in DTI Negosyo Center – City of Bogo which was officially launch on August this year. The Center offers key services such as business registration, business advisory, conducts training, seminars and dialogues to increase MSMEs’ productivity and efficiency.

DTI, both the Cebu provincial office and the regional office had been calling the attention of MSMEs to start off checking the services designed to help them at the Negosyo Centers.

In Central Visayas, Negosyo Centers are ready to serve MSMEs  at DTI Cebu Provincial Office, Bogo City Hall, DTI Negros Oriental Provincial Office;  Dumaguete City Hall, DTI Bohol Provincial Office, Tagbilaran City New Capitol Building, DTI Siquijor Provincial Office, and DTI 7 Regional Office in Cebu.

DTI regional operations group head, undersecretary Zenaida C. Maglaya, said that the problem of access to finance will be addressed if financial institutions, and the entrepreneurs will converge in one venue. Negosyo Centers were established in order to bridge this gap.

Access to finance is one of top concerns of entrepreneurs, the center on the other hand will try to gather together the credit providers to display their respective loan packages, for the clients to choose.

Initially, the Negosyo Centers in Cebu — both regional and provincial offices of the DTI got the commitment from some financial institutions like SB Corporation, Land Bank of the Philippines, Bank of Makati, and Bank of Philippine Islands. (FREEMAN)