Managing your own company usually tops on most people’s dreams or life milestones. If you’re taking this so seriously, today’s the perfect time to start looking for a financing provider. Yes, there are now many banks and lenders offering business loans, the top five of which are the following:
- BDO – As one of the Philippines’ largest banks, Banco de Oro has an extensive coverage area in the country with over 740 branches mostly located in SM malls. BDO offers business financing that equates to up to 70% of the appraised value of the collateral. Minimum loanable amount is PHP 1 Million payable for one year. Qualified applicants can also borrow to as high as PHP 10 Million, which they should pay for 10 years.
- Land Bank of the Philippines – Land Bank is an advocate of the Filipino’s entrepreneurial skills and one of the country’s drivers of economic growth. The bank now offers project-specific loans such as ISDA and KAWAYAN, as well as dedicated loans for those in the tourism, agricultural, cooperative and manufacturing sectors. Aside from these, Land Bank partners with OWWA in providing financing solutions to overseas Filipino workers (OFWs) who’re planning to open a business instead of going abroad to work. Loanable amount ranges from PHP 300,000 to PHP 2 million.
- Planters Bank – Fondly referred to as the SME’s bank, Planters Development Bank boasts of its Small Bizloan Program to support the entrepreneur’s initiative in increasing their company’s cash flow and expanding the business. Loanable amount ranges from PHP 10 Million to PHP 50 Million. The bank’s turnaround time for approval is ten working days.
- PSBank – Philippine Savings Bank offers an SME Business Credit Line, a credit line that expires within a year. However, it can be renewed annually, giving entrepreneurs a stable funding source they can access by just releasing checks. With its SME Term Loan, entrepreneurs can have a loan that matures in 7 years. Plus, SME Term Loan clients may earn rebates to if they make excess payments.
- BPI Family Savings Bank – As the Philippines’ oldest bank, BPI has been helping the country’s economy by offering innovative, cost-efficient loan solutions to business owners. The bank’s Ka-Negosyo Loan is the most sought-after products these days, with its loanable amount that ranges from PHP 500,000 to up to 70% of the appraised value of the house and lot put on collateral.
Special Mention: Al-Amanah Islamic Investment Bank (AAIIB) Business Loan – A business financing solution designed to cater the needs of Muslim entrepreneurs. The bank follows the Islamic banking principle called the Shariah Law, which prohibits lenders from profiteering from the borrower.
Need a loan now? Loansolutions PH can help. Just follow our 3-Step Online Application Process to submit your documents and we can start looking for a suitable provider for you.