MICROFINANCE LOANS

MICROFINANCE LOANS – (or microcredit) is a financial service that offers deposits, loans, payment services, money transfers and insurance products to poor and low income households, small entrepreneurs and businesses, and groups or individuals who lack access to a standard bank loan and its related services, and giving them the ability to invest in themselves, or their businesses, raise their income levels and improve their living standards through enhanced production and profitability.

Eligible Borrowers/Market Vendors

• Open to all bona fide members of the market vendors’ association in the municipality concerned;
• A member of the association for at least two years and a regular stall owner for at least the same number of years;
• Sari-sari and grocery store owners and any other small business enterprises who are not association members must have legitimate area/stall within the municipality;
• The borrower/client complies with all government and association requirements/permits, legal fees, taxes, etc. relative to legal existence and operation;
• Economically active and entrepreneurial poor with a stable economic activity, and able to sustain and enhance this economic activity with access to even a small amount of readily available funds.

Other applicants to be included for this loan product include:

A. Enterprises

◙ Services (beauty parlor, vulcanizing and repair shop, tailor);
◙ Light Crafts/manufacturing;
◙ Agriculture (non-crop/fishing);
◙ Carinderia/eatery/bakery;
◙ Food processing;
◙ Wholesalers(e.g., viajero)
◙ Others

B. Public Market

◙ Fish vendors
◙ Meat Vendors
◙ Vegetable/Fruit Vendors
◙ Sari-sari stores
◙ Dry goods
◙ Ambulant vendors
◙ Others

C. Transportation

◙ Jeepney/Motorcab
◙ Tricycle/Motorola
◙ Trisikad
◙ Others

D. Others 

◙ Farmers
◙ Salaried employees