I. Who are qualified to avail?
Owners of small & medium business establishments (e.g. palay trader/rice miller, grocery/bakeshop, poultry and agri-supply, agri-machinery and equipment supply, hardware and electrical supply, aluminum and glass supply, bookstore/school supply, printing press, drug store, boutique, tailoring/dress shop, furniture shop, steel fabrication shop, auto/motorcycle spare parts supply/repair shop, bicycle store, meat shop, restaurant, computer equipment and supply store, internet café, used car dealer, gas station, antique shop, cottage industries – makers of toys, children’s dresses/decors, processed foods, bamboo/rattan products, etc., medical/dental/optical clinics, kindergarten and other schools, pawnshops, water refilling stations, travel agencies, flower shops and the like). SMEs engaged in food, construction, service and agricultural industries registered in areas where PRODUCERS BANK is located are qualified to avail, subject to applicable terms and conditions of the Bank. The business must be stable and profitable for the last two (2) years. The applicant must have acceptable/adequate collateral.
II. Amount of Loan
More than P1,000,000.00 depending on the capitalization requirements and cash flow of the project. Larger amount of loan may be accommodated depending on the requirements of the business.It comes with a Domestic Bills Purchase Line (DBPL) that allows SMEs to encash third party customers’ current dated, local or regional clearing checks.
III. Interest Rate & Service Charge
At very competitive interest rate or prevailing prime lending interest rates of the Bank.
IV. Purpose of Loan
To temporarily finance gaps in working capital and to finance expansion of projects.
V. Repayment
Lump sum or amortized monthly based on the project’s cash flow and shall be covered with post-dated checks.
VI. Collateral
The loan shall be adequately secured by at least 2:1 ratio by REM on agricultural, commercial and residential lots.
VII. Requirements
a. Business permit/DTI Registration/NFA license
b. TCT/fully paid EP/OCT
c. Audited FS and ITR (comparative for at least three years)
d. Tax Declaration with tax receipt for current year and tax clearance
e. Location plan with vicinity map
f. Barangay and Court Clearance
g. Bank Statements from other banks
h. CTC of borrower
i. CASA with Producers Bank
j. Mortgage Redemption Insurance (MRI) assigned in favor of Producers Bank
For more information regarding this type of loan, you may visit the nearest Producers Bank branch or browse to the Contact Page and fill out the contact form to send us a message.
