business enterprise loan
An individual loan intended to provide accessible, affordable credit facility to Small and Medium Enterprise (SME) borrowers. A change in mindset from collateral based lending to risk based lending. Risk based lending simply means that the bank has a systematic way of assessing, identifying, quantifying, classifying, and mitigating credit risks.
Loanable amount : P350,000 - P15,000,000
Loan Term : 1 to 3 years (depending on the situation of the business, normally a maximum of 1 year but in some cases can be extended up to a maximum
of 3 years)
Eligibility criteria :
* 21 to 70 years old;
* Business activity for at least three (3) years of sole proprietorship;
* Permanent resident within service area of the branch for at least three (3) years;
* Must be willing to maintain basic set of books;
* Must be willing to submit monthly, quarterly, semi-annual or annual listing of inventory or receivables
and assist in the inspection and verification of said inventory and receivables as stipulated in the loan agreement;
* Willing to divulge existing loans and collaterals – bank and non-bank.
If loans with other institutions are hard collateral, CBI, as much as possible, has similar collateral or collateral to be transferred to CBI if
* Must be willing to submit the true financial statement or willing to cooperate during financial validation;
* Must be willing to cooperate in the regular monitoring process based on the purpose of loan and collateral as stipulated in the loan