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K. Pondo sa Pagbabago at Pag Asenso or P3 Small Business Corporation
from Compendium of Government Financing and Other Assistance Programs to Support Micro, Small and Medium
Name of Program Implementing Agency / Institution Website Details about the Program / General Information
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Who are Eligible to Access the Program?
What are the Requirements?
Pondo sa Pagbabago at Pag-Asenso or P3 Small Business Corporation (SB Corp.)
www.sbgfc.org.ph The P3 fund is designed to be lent out to micro enterprises with asset size not exceeding P3.0 million at not more than 2.5% per month all in interest rate and service charges. This 2.5% monthly cap is an effective rate, based on diminishing balance of the principal portion of the loan.
5-6 lending imposes an interest rate of at least 20% monthly and could go significantly higher given the weekly or daily collection schedule.
How much can a micro entrepreneur borrow from the program?
A microenterprise borrower may avail P5,000 up to P200,000 depending on the size of the business and the enterprise's ability to pay. For enterprises with at least one (1) employee, beneficiary can borrow up to P200,000.
The fund should be used for the enterprise's expansion and/or additional supplies of the business.
Any self-employed or micro entrepreneur engaged in legitimate livelihood or business activity for at least one year can borrow from P3
Requirements: The micro entrepreneur should have a government-issued ID The micro entrepreneur should have been issued a Barangay Clearance in the past 3 months Evidence of micro enterprise activity for at least one year (certification by LGU and/or other government offices is acceptable among others Proof of one (1) year residence
How does one avail of a P3 loan?
The Small Business Corporation (SB Corp) partnered with at least 290 microfinancing institutions (MFIs) and/or cooperatives throughout the country where the Corporation channels the funds allocated by the National Government for P3 (A complete list is available on the website www.sbgfc.org.ph).
The micro entrepreneur will have to accomplish a loan application form issued by the MFI. He/She should have a government-issued ID, a Barangay Clearance in the past 3 months, Evidence of micro enterprise activity for at least one year (certification by LGU and/or other government offices is acceptable among others and proof of one (1) year residence. Microenterprises wanting to borrow may also visit the nearest SB Corp Desk Office, SB Corp P3 Field office. DTI Negosyo Center, DTI Regional or Provincial Offices for assistance in identifying a nearest partner MFI.
How long is the P3 loan processing?
For Rehabilitation Credit Programs for SMEs
Loans are processed within twelve (12) working days but will be reduced to six (6) days once the Fintech enabled for Loan Origination System is in use.
Documentary Requirements: Pre-Processing
Other Resources
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13. Accomplished Loan Application Form (with pictures, if applicable) Securities and Exchange Commission (SEC) /Department of Trade and Industry (DTI) –certified or Corporate Secretary- certified true copy of the SEC / DTI Certificate of Registration, Articles of Incorporation and By-Laws Corporate Secretary-certified true copy of the duly notarized certificate confirming the resolution of the Board of Directors and/or committees or bodies authorizing the application for LANDBANK loans and specifying the authorized signatories Valid certificates/permits/licenses/clearances from concerned government agencies Audited F/S for the last three (3) years plus the current year F/S List of key officers of the firm Client Information and Signature Specimen Card and at least one valid/government ID such as but not limited to unexpired passport, Social Security System, Government Service Insurance System or driver’s license Tax Identification Number
For Rehabilitation Credit Programs for Cooperatives and MFIs
A. Pre-loan release requirements: 1. Letter-request to avail from the Term Loan from co-ops/MFIs signed by authorized signatories, indicating among others the following: • Amount of loan to be availed • No. of prospective sub-borrowers • Name of commodity/projects to financed Note: This is for the purpose of determining more or less the term of loan to be given to co-ops/MFIs 2. Masterlist of sub-borrowers/sub-PNs to be assigned, if available 3. PDCs, if the Masterlist of Sub-Borrowers is not yet available 4. The co-op/MFI shall maintain custody of all sub-borrower’s PN including underlying collateral. The co-op/MFI shall submit a notarized undertaking to keep custody of the sub-borrower’s PN and its underlying collaterals provided in favor of LANDBANK and that the same are open for inspection and audit of LANDBANK representative, anytime at the Bank’s discretion.
B. Post-loan release requirements: 1. The co-op/MFI shall submit a Schedule of Loans Disbursed under the
I-RESCUE Lending Program not later than sixty (60) calendar days after the loan has been released 2. The co-op/MFI shall return to LANDBANK the amount undisbursed including the interest incurred computed up to the date of return/payment not later than 91st calendar day from date of loan release, if any. 3. No subsequent releases shall be made until the co-op/MFI has submitted the complete schedule of loan receivables and has returned/paid to LANDBANK the undisbursed amount including the interest incurred. 4. Validation of sub-PNs shall be covered by the provisions of CPI 2016-007 (Revised Guidelines on Post Validation, Verification and Applicable Sanctions Relative to Credit Facilities secured by Deed of Assignment of PNs), as may be amended.
Note: Applicable only if the above-listed documents are not on-file.
About the P3 Program: https://www.sbgfc.org.ph/programs-and-services/pondo-sapagbabago-pag-asenso-p3
Contact Details
Facebook: www.facebook.com/PondoSaPagbabagoAtPagasenso
Mr. Frank Lloyd Gonzaga 17th & 1 8th Floors, 139 Corporate Center, Valero St., Salcedo Village, Makati City 1227 Email: fgonzaga@mail.sbgfc.org.ph Toll-free Hotline: 1 -800-10-6513333 (8:00 am - 5:00 pm daily)
Trunkline: 632) 7 751 -1888, (632) 8 651 -3333 E-mail Address: p3@sbgfc.org.ph or sbcorporation@sbgfc.org.ph
Microenterprises wanting to borrow may also visit the nearest SB Corp Desk Office, SB Corp P3 Field office. DTI Negosyo Center, DTI Regional or Provincial Offices for assistance in identifying a nearest partner MFI.
