Microfinance Solutions Webinar presentation

The Department of Trade and Industry (DTI) -Rizal through the Negosyo Centers are constantly looking for financing options that will benefit micro, small, and medium enterprises (MSMEs) and help them sustain their business in times of adversities.  The Negosyo Center Tanay in partnership with the Local Government Unit (LGU) of Tanay conducted a financing forum in partnership with the Bank of the Philippine Islands (BPI) Direct BanKo, BPI Business Banking, and Small Business Corporation (SB Corp.) on 28 April 2021 via Zoom and Facebook Live. Fifty-four (54) aspiring and existing entrepreneurs from Tanay and other nearby municipalities joined the forum.

This webinar aimed to provide a venue to bring more financing resources accessible to MSMEs and develop linkages between entrepreneurs and potential conduits. Business Counselor Aryan F. Llamasares of Negosyo Center Sampaloc Tanay facilitated this virtual seminar.

During this forum, Chief Trade and Industry Specialist Sharon Fojas-Dioco said that financing institutions are among the best options of having access to financing assistance for entrepreneurs. She also pointed out that MSMEs should take note of the products and services that will contribute to the sustainability or expansion of their businesses especially during this time of the pandemic.

BPI BanKo South Luzon Head, Mr. Joseph Carlo Ragaza introduced the brief history of BPI Direct BanKo, NegosyoKo Loan, and InsuranceKo, which main objective is to serve and provide additional capital for micro and small entrepreneurs mostly in retail and services. He also discussed the basic requirements needed to avail of the loan. He then answered the questions prepared by the attendees.

Participants of the micro financing forum

Meanwhile, Accounts Assistant Francis Daniel C. Rebollado of SB Corp. shared the Bayanihan COVID-19 Assistance to Restart Enterprises (CARES) and Helping the Economy Recover through Overseas Filipino Workers (OFW) Enterprise Start-ups (HEROES) Program, which aims to provide financing assistance to MSMEs and OFWs affected by the COVID-19 pandemic. He also presented the application process, documentary requirements, loan amount available, service fees, and loan terms.

The programs and services of BPI Business Banking were presented by Ms. Patricza Isabel Maala. She shared a video clip of their assisted OFW-client who availed their loan and eventually had his business expand in a different location.  She also discussed the Business Deposit Products and the Off-The-Shelf Loan Program that has minimum documentary requirements, faster transaction process, and no required collateral.

Mr. Bienvenido B. Magpantay of LGU-Tanay encouraged participating MSMEs to only deal with legitimate financing institutions. To officially end the session, Senior Trade and Industry Development Specialist Marlene G. De Luna thanked the participants, organizers, and speakers for a very successful event.♦

Date of Release: 7 May 2021