Push Admin

Landbank opens P10 billion loan fund for small businessmen

Article (news)

ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="https://sa.kapamilya.com/absnews/abscbnnews/media/2020/news/04/17/20200403-coronavirus-netherlands-afp-1587.jpg"/><figcaption>Residents buy vegetables and fruits at a temporary market in Quezon City on April 3, 2020. <em>Jonathan Cellona, ABS-CBN News</em></figcaption></figure></div><p>MANILA -- State-run Land Bank of the Philippines said Friday it opened a P10-billion loan facility to help small businesses, cooperatives and micro lenders cope with the COVID-19 pandemic.</p><p>Borrowers can take out up to 85 percent of their working capital, payable in 5 years and with the option to fix interest at 5 percent for 2 years. A grace period of 2 years on the principal amount is also available, said Landbank President Cecilia Borromeo.</p><p>&quot;Alam namin ang hinaharap na problema ngayon ng ating mga negosyo, SMEs and cooperatives, pati na din microfinance institutions,&quot; Borromeo told DZMM.</p><p>(We understand what our businessmen, SMEs, cooperatives and microfinance institutions are going through.)</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/04/16/20/coronavirus-cct-landbank-p16-billion-cash-aid-philippines-poorest">LandBank releases P16 billion in cash aid to Philippines&#x27; poorest</a></li>	<li><a href="https://news.abs-cbn.com/business/04/14/20/government-approves-cash-aid-subsidies-for-the-middle-class">Government approves cash aid for small businesses&#x27; workers</a></li></ul><p>The I-Rescue lending program will prioritize micro, small and medium businesses, cooperatives and micro lenders in the agribusiness supply chain, she said.</p><p>The same terms for businessmen apply to lenders as long as they cap interest on loans at 12 percent, she said.</p><figure class="op-interactive"><iframe src="https://www.youtube.com/embed/cJBmRcskTgs?enablejsapi=1"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

<p>State-run Land Bank of the Philippines said Friday it opened a P10-billion loan facility to help small businesses, cooperatives and micro lenders cope with the COVID-19 pandemic.</p>

State-run Land Bank of the Philippines said Friday it opened a P10-billion loan facility to help small businesses, cooperatives and micro lenders cope with the COVID-19 pandemic.