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BPI offering collateral-free loans to small businesses

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ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="https://sa.kapamilya.com/absnews/abscbnnews/media/2021/news/06/16/20210119-banking-institutions-makati-jc-15.jpg"/><figcaption>Bank of the Philippine Islands n Makati on January 19, 2021. Jonathan Cellona, ABS-CBN News</figcaption></figure></div><p>MANILA - Bank of the Philippine Islands said Wednesday it is offering collateral-free loans to small and medium enterprises through its Business Banking segment, in cooperation with the Department of Trade and Industry.</p><p>Besides not requiring collateral, the term loan also has minimal document requirements and fast turn-around time. </p><p>“It is offered to businesses that have been profitable for at least three years, with owners residing in their present residence for at least two years,” BPI said in a statement. </p><p>The Ayala-led bank said the loan for SMEs signifies the bank’s commitment to usher business owners who have endured the effects of the pandemic in the past months to sustainable recovery.</p><p>“Through this loan, the bank is optimistic that we will be able to provide more and better opportunities for SMEs to move forward,” said BPI Business Banking Head Eric Luchangco.</p><p>SMEs may use the loan for various purposes such as building up their inventory, adjusting or improving their operations, and adding manpower, BPI said. </p><p>DTI earlier said small businesses were reluctant to borrow because of low confidence in the health of the economy.</p><p>The Bangko Sentral ng Pilipinas said bank lending also contracted in recent months despite record low interest rates as new lockdowns imposed to rein in a fresh surge of COVID-19 cases dampened market sentiments. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/news/04/23/21/hesitant-to-borrow-70-pct-of-p10-b-fund-for-small-businesses-still-intact-dti">&#x27;Hesitant to borrow&#x27;: 70 pct of P10-B fund for small businesses still intact - DTI</a></li>	<li><a href="https://news.abs-cbn.com/business/05/31/21/bank-lending-contracts-5-percent-april-bsp">Bank lending contracts by 5 percent in April: BSP</a></li></ul><div><strong>RELATED VIDEO</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1682051" width="100%"></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>Bank of the Philippine Islands said Wednesday it is offering collateral-free loans to small and medium enterprises through its Business Banking segment, in cooperation with the Department of Trade and Industry.<br /> </p>

Bank of the Philippine Islands said Wednesday it is offering collateral-free loans to small and medium enterprises through its Business Banking segment, in cooperation with the Department of Trade and Industry.