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Raising cash for your startup

Do you have the motivation and the idea for a business but lack the cash?
By Entrepreneur Staff |
<>The new interest rates for individual members are pegged at eight percent per annum for loan grants of up to P400,000; 9 percent for up to P1 million; 10 percent for up to P1.5 million; and 11 percent for up to P2 million. Interest rates are fixed for a period of 15 years.

 

Employees, self-employed individuals and overseas Filipino workers with at least 36 contributions, including 24 months of continuous payment of premiums, and have no retirement or total disability claims can borrow. They and their spouse must have no delinquent SSS loans.

"We also increased the P300,000 limit on House Repair and Improvement loans to P1 million. Among those who will benefit are members whose homes were damaged by natural calamities and families who want to expand or renovate their house," de Quiros said.

 

The maximum term is 30 years for Individual Loans; 15 years for OFW Loans; 20 years for Apartment, Dormitory, House Repair and Improvement Loans; and five years for Development Loans. Borrowers aged 60 at the time of application will have a maximum loan term of five years.

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