Guide on Producers Bank Business Loan Application Process
PRODUCERS BANK BUSINESS LOAN – Here is a guide on the features of the “Go Negosyo” loan offer and how to apply for it.
Running a business is not as easy as counting 1, 2, and 3. Although there are a lot of people who were able to grow their money through a profitable business, they first went through a lot of challenges and one of it is the pursuit of a sufficient working capital.
Insufficient working capital is a problem shared by several business owners. In many cases, it is also the reason why many aspiring businessmen were not able to start a business. Meanwhile, nowadays, there are several entities that business owners and aspirants can turn to.
Among the turn tos are loans and one of them is the Producers Bank business loan offer Go Negosyo aside from the Producers Bank SME Loan. It was designed to finance for the “additional working capital and purchase of equipment needed by the business”.
Here is a list of who are qualified to apply for the loan offer:
- owners of small & medium business establishments
- palay trader/rice miller, grocery/bakeshop, poultry and agri-supply, agri-machinery and equipment supply
- hardware and electrical supply, computer equipment and supply store, steel fabrication shop, aluminum and glass supply
- bookstore/school supply, printing press, drug store, boutique, tailoring/dress shop, furniture shop, auto/motorcycle spare parts supply/repair shop
- meat shop, restaurant, internet café
- bicycle store, 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
- SMEs engaged in food, construction, service and agricultural industries registered in areas where bank is located
- stable business and profitable for the last two (2) years
- has acceptable/adequate collateral
How much is loanable under the Producers Bank Business Loan offer? Here are the minimum and maximum amounts allowed for borrowing:
- Minimum Loanable Amount — Php 500,000
- Maximum Loanable Amount — Php 1 million
The Producers Bank did not mention the specific interest rate it implements but guaranteed that the offer has a “very competetive interest rate”. The loan is payable from six (6) up to 12 equal monthly installments and will be secured on a 2:1 ratio by Real Estate Mortgage (REM).
Here are the documents required in applying for the Producers Bank Business Loan offer:
- Business permit & DTI Registration
- TCT/fully paid EP/OCT
- Audited FS and ITR (comparative for at least two years)
- Tax Declaration with tax receipt for current year and tax clearance
- Location plan with vicinity map
- Barangay and Court Clearances
- Bank Statements from other banks
- CTC of borrower
- CASA with Producers Bank
- Mortgage Redemption Insurance (MRI) assigned in favor of Producers Bank