Palawan SMEs get funding
Details Published on Thursday, 23 August 2012 00:00
Focused on giving micro, small and medium enterprises equal chances at
funding sources, the Bangko Sentral ng Pilipinas yesterday launched its
credit enhancement scheme for MSMEs to Palawan.
The Palawan Credit Surety Fund (CSF), 24th in the country, provides
access to no-collateral funding for the province's small enterprises. coll
The CSF is a credit enhancement scheme for micro, small and medium
enterprises (MSMEs) which are experiencing difficulty in obtaining loans
from the banks due to lack of acceptable collaterals, lack of credit
know-how and lack of credit track records.
The surety fund comes from the pooled cash contributions of
participating cooperatives, local government units and other partner
institutions.
Ten cooperatives in the province have joined the Palawan CSF with an
aggregate contribution of P2 million while the provincial government
pledged P2 million.
BSP said the Industrial Guarantee and Loan Fund, Development Bank of the
Philippines and Land Bank of the Philippines have also expressed strong
support to the CSF Program with their contribution pledges.
Various sectors are expected to benefit from this credit enhancement
scheme which also serves as an alternative lending window for MSMEs.
The program also integrates a training component to enhance the skills
of participating cooperatives in the areas of business plan preparation,
loan evaluation, risk management and accounting system.
Initiated in August 2008, the CSF is a fund created through the pooling
of cash contributions from participating cooperatives with an equivalent
counterpart contribution from the local government and donations from
partner institutions.
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