The Small Business Corporation (SBC), an agency under the Department of Trade and Industry (DTI), said Tuesday it has already released a total of P30.5 million to some 36 micro businesses in Palawan through its direct lending program.
Marcelino Dile, desk officer of SBC-Palawan, said the average amount released to each borrower was P850 thousand.
“Sa kabuohan nitong 2017 ay P 30.5 million [na] ang ating na-release dito sa Palawan,” he said.
He said that as of the present, they have more than P30 million worth of loans that are currently being processed.
The lending program extends loans to businesses with an asset size of not over P500 thousand and already existing for at least two years. The program is open for businesses and establishments engaged in services, trading, or manufacturing.
Business undertaking that are not eligible for the program includes vice generating business like beer houses and night clubs, selling or trading purely imported goods, real estate development, palay and livestock production.
He further explained that those however engaged in palay trading or livestock trading are covered by their Direct Lending Program.
He added that a micro business can avail of a no-collateral loan ranging between P200 thousand to P2 million.
Dile said Palawan has a P46-million loan portfolio with 88 borrowers and is the second highest in the South Luzon cluster, trailing the Albay, Masbate and Sorsogon cluster which has a loan portfolio of P52 Million and 92 borrowers.