To help micro, small and medium-scale enterprises (MSMEs) get cheaper loans from banks, the lending facility of SSS was opened as part of public service. It will be available starting September 1, 2007 up to August 31, 2008 for startup and existing MSME which includes schools and hospitals. This facility does not include those who sell alcoholic drinks and cigarettes.
The active channel banks of the SSS to date are:
Planters Development Bank
Metropolitan Bank and Trust Co.
Allied Banking Corp.
Asia United Bank
Asiatrust Development Bank
Bank of Florida
East West Bank
Banco de Oro
Unibank
Philippine Veterans Bank
Rizal Commercial Banking Corp.
Union Bank of the Philippines.
Luz Generoso, SSS assistant vice president for loans said that under the facility, at an annual interest rate of 6.0 percent the SSS will lend to the banks and the banks can relend the money at up to 10.0 percent to MSMEs.
Posted by Manuel
Manuel Montala was an online entrepreneur who enjoys blogging about entrepreneurship and gathering information for his blog to help budding entrepreneurs. You can also reach him on twitter: http://twitter.com/mmontala
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