New Business Start Up Loans
Helping families especially those who have lost their jobs during the pandemic.
In 2020 we trained and set up 126 vulnerable adults and young person’s how to manage and run their own businesses. Once a clear marketing and business plan was produced and the training completed, a small interest free loan of between Php 5,000 – Php 15,000 was given. They started businesses selling cooked foods, rice, vegetables, meat, fish stores, household items and grocery stores.
Some adults were given individual loans, while others organised themselves in a group. They elected a Treasurer and President and supported each other’s business, if one person defaults on their loan then the whole group would be responsible for making up any missed monthly repayments.
EBoth systems have worked well, 71% paid in full, and 17% are slow payers, 8 % of non payers, given the effects of the pandemic we are delighted with results and proud that this the business loan model is highly valued by the community.