Landbank offers loans for businesses, LGUs

Albert Galut of Landbank Tabuk City Branch Cordillera Lending Center invites  COVID 19- affected enterprises and LGUs to avail of their lending programs. 

By Peter A. Balocnit

CITY OF TABUK, Kalinga -- The Land Bank of the Philippines (LBP) offers loan assistance to small, medium and micro enterprises (SME), microfinance institutions (MFI), cooperatives, and rural banks affected by COVID-19 pandemic

Albert Galut of LBP Tabuk Branch said through the I-RESCUE (Interim Rehabilitation Support to Cushion Unfavorably-affected Enterprises by Covid 19) Lending Program, Land Bank  is providing assistance through credit and loan restructuring under more flexible terms and conditions.

                Interested SMEs, MFIs and cooperatives may borrow up to 85% of their actual need for working capital at an affordable interest rate of 5% per annum, payable up to a maximum of five years, with grace period on the principal payment.

Galut also informed of assistance available for local government units (LGU), the Help via Emergency loan Assistance for LGUs or HEAL, a supplement to the government’s initiatives in fighting COVID-19 and in providing direct support to vulnerable groups and individuals through the LGUs.

The program he said aims to support the LGUs in times of extraordinary events that have unprecedented multi-dimensional effects on the health sector, on the economy, on productive capacity and especially on poor Filipinos, and help prop up local economies, improve delivery of health services and provide humanitarian supports to the most adversely affected sectors by the LGUs.

In a related development, Galut said that 65 farmers in Kalinga were assisted under Landbank’s Agricultural Competitiveness Enhancement Fund (ACEF) with total loan release of about Php20 million.

               Eligible projects under ACEF are the purchase of farm input and equipment or farm improvement; acquisition/establishment of agri-based production and post-production and processing machineries, equipment and facilities; and relending to farmers and fisherfolk.

Seven farmers affected by the Rice Tariffication Law were also assisted under the Rice Competitiveness Enhancement Fund   providing Php4.4 million loan at two percent interest per annum, Galut said.  (JDP/PAB-PIA CAR, Kalinga)