The LAND BANK of the Philippines (LANDBANK) approved P20.07 billion in loans for firms, micro, small and medium enterprises (MSMEs) and cooperatives affected by the COVID-19 pandemic as of April.
Photo credit: pia.gov.ph
OTHER ARTICLES:
Paano i-unlock o i-reset ang password ng iyong Landbank iAccess Online AccountPaano mag-transfer ng pera mula sa Landbank to Gcash
LANDBANK said that the released loan amounted to about P18.21 billion and benefitted 434 borrowers consisting of 292 MSMEs, 81 cooperatives, 56 large corporations, and five microfinance institutions (MFIs). It was released through the bank’s I-RESCUE (Interim Rehabilitation Support to Cushion Unfavorably affected Enterprises by COVID-19) lending program which started in April 2020.
The lending program was set up by LANDBANK to provide credit and loan restructuring assistance to entities badly affected by the COVID-19 pandemic. It will be available until Dec. 31, 2022.
Qualified entities such as MSMEs, cooperatives, MFIs and large corporations may be able to borrow up to 85% of their permanent working capital requirement, or the minimum amount required for their businesses to operate. The loans carry an interest rate of 5% yearly for three years, subject to annual repricing afterwards, and will be payable for up to 10 years, with a maximum of two years grace period on the principal repayment.
A sub-credit facility is also available for MSMEs, cooperatives, and self-employed individuals. A minimum of P100,000 or up to 85% of their permanent working capital requirement, but not exceeding P3 million, at a fixed rate of 3% per annum can be borrowed which will be payable for up to three years and will not require hard collateral.
Clients with existing LANDBANK accounts may also avail for loan restructuring via additional loans and extended repayment period programs.
OTHER STORIES:
P20-B in loans for firms affected by pandemic approved by LANDBANK
Reviewed by Issues PH
on
May 26, 2021
Rating:
Reviewed by Issues PH
on
May 26, 2021
Rating:
No comments: