SSS Members Business Loans Part 2

 
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What are the acceptable collateral for the loan?

The following are the acceptable collaterals:

For short-term loans

  • Registered or unregistered REM/CHM
  • Assignment of LC or PO
  • Guarantee Cover
  • Corporate Guarantee (if franchisee)
  • Assignment of Lease Rights (if franchisee)

For long-term loans

  • Registered or unregistered REM/CHM
  • Corporate Guarantee (if franchisee)
  • Assignment of Lease Rights (if franchisee)

What fees must be paid for the processing of the loan?

Evaluation and service fees of P2,000 for every P1 million plus a front-end fee of ? of 1 per cent of the approved loan must be paid. In addition, a commitment fee of 0.125 per cent of the unavailed balance must be paid for long-term loans.

What are the participating government financial institutions under the program?

Interested entrepreneurs may approach the head office or branches of the following GFIs or conduit banks:

     1.  Development Bank of the Philippines
     2.  Land Bank of the Philippines
     3.  National Livelihood Support Fund
     4.  Philippine Export-Import Credit Agency
     5.  Quedan and Rural Credit Guarantee Corporation
     6.  Small Business Guarantee and Finance Corporation
     7.  SSS accredited rural and thrift banks

This list is subject to change. Please confirm the accreditation of these lending channels with the SSS Institutional Loans Department (ILD).
For more information contact the ILD in Quezon City at telephone numbers   926-1644, and 920-6401 local 5115 or 5114.

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