While lending companies and cooperatives are more than willing to lend to good businesses,
banks practically live to provide capital for enterprises big and small. Here are five banks you should consider approaching for loans:
BDO Banco de Oro has a Small Business Loan specifically for entrepreneurs, who can borrow at least P1 million for a minimum term of one year. The most the bank can give with this loan facility is P10 million for a maximum of 10 years, or up to 70 percent of the appraised value of their collateral. BDO has more than 740 branches, and some are conveniently located in most SM malls across the country.
BPI Family Savings Bank BPI Family’s Ka-Negosyo Loans make financing available for ‘treps looking for short-term, long-term, or even franchising loans. The franchising loans are in particular (and so far) unique to BPI; the minimum term for such a loan is two years at a base amount of P500,000. The oldest bank in the country (and Southeast Asia) has 831 branches across the archipelago.
Land Bank Land Bank has a loan product specifically for overseas Filipino workers (OFWs) in cooperation with the Overseas Workers Welfare Administration (OWWA), where OFWs could borrow from P300,000 up to P2 million. With 329 branches and turning 50 years old in 2013, the bank also has loan programs for cooperatives and agricultural, manufacturing, and even tourism-related businesses.
Plantersbank Long acclaimed as the bank for SMEs, Planters Development Bank has a Small Bizloan program where ‘treps could get financing—to improve business cash flow, expand the business, or simply for personal needs—in as little as 10 days. It also has an SME BizLoan (for loans from P10 million to P50 million) that can be approved in three weeks. Plantersbank has a nationwide network of 75 branches.
PSBank For small to medium businesses, Philippine Savings Bank has an SME Business Credit Line, a one-year credit line where funds are accessed by writing checks, making them accessible, convenient and flexible. Its SME Term Loans with Prime Rebate allows loan terms of up to 7 years but also lets customers earn rebates or savings when they make advance or excess payments on their term loan’s monthly due. PSBank has over 200 branches.