Small Business Loan – Small Biz Loan
The Small Biz Loan aims to provide financial capital to micro and small entrepreneurs who are capable of borrowing at least P150,000 with the intention to improve their business operations. Such access to credit will enable these clients to expand their business and consequently, increase their income. The product primarily targets entrepreneurs who generate daily, weekly, semi-monthly or monthly income, have adequate financial records (whether or not these are formalized through an audited financial statement) and have been operating for at least three years.
Loan Amount:
Loan amount ranges between P150,000.00 to 20M subject to client’s capacity to pay. Loan increases are subject to repayment behavior and cash flow evaluation.
Loan Purpose:
- Additional Working Capital
- Purchase of business equipment and vehicle but only up to 85% of contract or retail price
- Business expansion, provided that funding of capital expenditures will be limited to 85% of contract or retail price
Qualifications:
- Single Proprietorship, Partnership, Corporation or Cooperative
- Borrower must be 21 years old at the time of loan application, and should not exceed 70 years old at the time of loan maturity
- Resident in the branch trade area for at least three years
- Business has been existing for at least three years
- Business is generating a daily, weekly, semi-monthly or monthly income
- Acceptable adverse record with local and national credit bureaus and/or negative findings in any credit investigation reports
- Willing to open a Contractual Savings with RMB and save while there is an active loan
Loan Term:
3 months to 36 months
Frequency of payment:
Weekly, semi-monthly or monthly
*Terms and Conditions