This Bank Has Loaned Nearly 6,100 MSMEs PHP 50 Billion for Growth and Development
At the end of the first half of 2023 alone, the bank was able to loan PHP 49.5 billion to local MSMEs in an effort to advance economic development in the country.
Data shows that 99.5% of all business enterprises in the country are actually made up of micro, small, and medium enterprises (MSMEs). However, these are the very same businesses that often struggle with funding that will help their growth and longevity.
Fortunately, for MSMEs, there are a number of ways that they can gain funding for their businesses. And this includes reaching out to venture capital firms, angel investors, or even banks. In fact, as of the end of June 2023, Landbank has already released a whopping PHP 49.5 billion in loan financing for MSMEs.
Landbank’s Loan Financing
The PHP 49.5 billion Landbank released has benefitted more than 6,100 borrowers. The financing is meant to be used to finance business expansion, acquisition of assets, and many more. “We recognize the crucial role of MSMEs in advancing economic development and job generation,” says Landbank President and CEO Lynette Ortiz.
Ortiz adds that the bank is committed to helping the growth of the MSME sector. How? By providing more accessible as well as affordable financing options for entrepreneurs.
The Landbank President and CEO has also assured that the bank “will continue to work with various government partners to grow our loan portfolio for the sector and open more opportunities for our local entrepreneurs.”
Landbank’s MSME Loans
Landbank offers a wide variety of loans for MSMEs, and some of these loans are actually geared towards specific sectors and industries.
The bank’s loan for Working Capital and Liquidity Support Facilities aims to help businesses with their daily operations. Single proprietors, partnerships, and corporations with the following projects are eligible for the loan:
Financing for MSMEs
Financing can be difficult for any business no matter what size, so it is important for entrepreneurs to be aware of and to understand what options are available to them.
One of these options comes in the form of bank loans. Aside from Landbank, multiple other banks here in the Philippines offer loans for businesses. In fact, there are even loans that are specifically geared towards MSMEs.
Other financing options include crowdfunding, series funding, angel investors, and venture capital. The Business Manual has a handy guide on funding options for startups for anyone looking to learn more about them.