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Government lending to small, medium enterprises declined to P18M in 2003 |
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(23 February 2004-Manila Times)
By: Maricel E. Bugonio GOVERNMENT lending to small and medium enterprises (SMEs) declined in 2003 to P18 million from P50 million in 2002, according to data from state-run Small Business Corp. (SB Corp.) SB Corp. lends money to SMEs via a franchise financing to small and medium enterprises (SME) program in the so-called SME franchising for organizationally competent and excellent businesses (SME-Force) credit facility. Only nine franchisees availed of the facility in 2003, down from 22 in 2002. For this year, a total of P4-billion allotted in lending program of SB Corp. In a statement, SB Corp. said it is pushing to improve the establishment of new franchise businesses under the SME-Force, targeting overseas Filipino workers. The program is one of the direct lending facilities of SB Corp. that aims to give SMEs more access to credit. It also supports the Sulong program or SME Unified Lending for National Growth program of the national government. At present, it has partnered with nine franchise firms. It consists of Figaro Coffee System, Informatics Institute, Goto King, Chowking, Hotshots Food Group, Dencio’s Bar Grill, Island Souvenirs, Caltex Philippines and Crystal Clear Water Station. Meanwhile, additional four franchise firms will participate in the SME program, the Reyes Haircutters, Julie’s Bakeshop, Dunkin Donuts and Cater King Corp. The SME-Force program is a direct lending facility of SB Corp. to franchisees of companies that are members of industry associations like the Philippine Franchising Association (PFA) or the Association of Filipino Franchising Inc. The facility is intended for the start-up or expansion of a franchise outlet and a commissary of support system for the franchising operations. Under the program, SB Corp partners with domestic or foreign franchise firms with at least three years of operation in franchising businesses. The franchise firm guarantees at least 50 percent of the franchisees’ loan to the SB Corp. The franchisees loan ranges from P200,000 to a maximum of P5 million. The interest will range from 11.25 percent to 12.75 percent in 3 years and 5 years, respectively. |
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