Coca-Cola teams up with SBCorp. to offer MSME loans
COCA-COLA Beverages Philippines, Inc. (CCBPI) has recently partnered with the Small Business Corp. (SBCorp.) to help the recovery of micro, small, and medium enterprises (MSMEs) across the country by expanding the access to loan programs.
The CCBPI said in a statement on Monday that the partnership will allow SBCorp. to expand the reach of its RISE UP Tindahan loan program to CCBPI’s partner retail stores, dealers, distributors, and other MSMEs.
Loans under the RISE UP Tindahan project seek to help businesses adjust to the realities of doing business in the new normal. The project offers loans ranging from P300,000 for micro-tindahan loans to P5 million for SME loans, with three years repayment term inclusive of a grace period of up to 12 months and no collateral required.
“The process in RISE UP Tindahan is simple, which is key to reaching more MSMEs. We need to overcome the challenge of inaccessibility, and part of this is making sure that procedures aren’t overly complicated — that MSMEs don’t feel intimidated or overwhelmed,” CCBPI General Trade Director Chris Pesigan said.
“The partnership with SBCorp. manifests the collective, urgent goal of helping the MSME sector recover, stabilize, and progress,” he added.
SBCorp. Chief Operating Officer Santiago S. Lim said the project allows the project to reach more entrepreneurs in the metro and the rest of the country.
“Reaching out to the far ends can be a daunting task, but since we have Coca-Cola now as our partner, with your seasoned experience on the ground, we are confident that this project will be successful,” Mr. Lim said.
Those that will be eligible for the loans are micro, small, and medium businesses such as sari-sari stores or family-run convenience stores, retail stores, distributors that are under the partner, which is CCBPI.
“Applicants must also be ready with documents such as their barangay business permit, and government-issued IDs among others. The loan application will undergo credit, business, and financial assessments. Applicants will then be contacted via e-mail regarding the results of each stage,” CCBPI said.
The CCBPI is the bottling arm of Coca-Cola in the Philippines while the SBCorp. is the financing arm of the Department of Trade and Industry. — Revin Mikhael D. Ochave