Financial support remains available to micro small and medium enterprises despite the tough economic landscape caused by the prevailing COVID-19 pandemic.
BDO Network Bank, the rural bank arm of BDO Unibank, said it continues to provide financing opportunities for small businesses that aim to expand, and at the same time offer them easy loan payments.
"We remained open during the ECQ. That's not easy because of the lockdown. We were finding ways to reach out to our clients, even having documents signed at checkpoints," said Karen Cua, BDO Network Bank senior vice president and head of MSME loans, during her recent guesting at a GoNegosyo Facebook Live session on financing opportunities for MSMEs.
In certain locked down areas, some BDO Network Bank employees who reside outside of the municipality looked for bed spaces near the branch just to be able to come in and provide service.
"We continued lending to businesses that remained operational during the quarantine, like garments businesses that shifted to making face masks. We remained in contact with our customers," added Cua.
BDO Network Bank has the Kabuhayan Loan, with loan proceeds ranging from P30,000 to as high as P500,000. The loan does not require any collateral and borrowers can even choose installment options based on their capacity to pay, stretching the repayment period for up to 24 months.
To qualify, the borrower must have an existing business for at least the last three years and able to generate weekly sales of P15,000-P200,000.
"Just apply online and expect a call from one of our account officers. Look for 'Kabuhayan Loan' in your search engine or go to our website, www.bdonetworkbank.com.ph, to apply. We're ready to lend to those affected, whose sales were affected,” explained Cua.
She added the health crisis brought to fore the importance of saving, as the pandemic's longterm effects to employment and commerce caught everybody by surprise.
"For every difficulty, there’ an opportunity. This pandemic at least gave us time to reflect, especially on the importance of saving. By rule, we should have savings to tide us for at least the next six months during times of crisis," said Cua.