SBGFC releases P120.4M credit fund to SMEs in CV
Balita News Services
Finance Corporation (SBGFC) released a total of P120.4 million in loans
as direct financing to 40 firms in Central Visayas in the first six
months of 1999.
SBGFC regional manager Cesar Antoni said that the country has
allocated P1.8 billion for the direct financing program of the
government for the year 1999, 25 percent of which will go to Central
Visayas.
Antoni explained that the amount released has already accounted 99
percent of the region's allocation for 1999.
Antoni however refused to identify which sectors have availed of
the loan saying its against banking policies.
Antoni who was present in the Small and Medium Entrepreneurs
Development Council-Cebu (SMEDC-C) press conference Friday in
preparation for its SMEDC-C week slated July 12-17, said it would
usually take three weeks to process a loan application for new
applicants before it is released.
On the other hand, SMEDC-C chairman Anastacio Muntuerto expressed
his appreciation with SBGFC's effort in extending financial help to the
SMEs.
Muntuerto said aside from SBGFC a number of government agencies
have also offered a credit facility for the small businesses, but
challenged these agencies to introduce institutional reforms such as
relaxing their stringent credit requirements.
While Muntuerto credits the government for setting up programs that
would help the SMEs, he however hopes that implementation of such could
be faster.
"There is so much money being made available to SMEs, but we have
to monitor these programs closely so that implementation could be
hastened. We want to see the color of the money," Muntuerto said.
Muntuerto added that next week's celebration is themed 'Retooling
SME's For Global Competitiveness: A Policy Workshop," which is aimed at
strengthening SMEs that comprise 80 percent of the businesses in Cebu.
(PNA) DCT/MNN/eb/fce/re
PNA 07111125