What’s the best way to find out how to nail that loan that you need to expand your business or develop your product? Ask the bank of course!
BPI Foundation, which is turning 30 next year, helps small to medium-scale enterprises through seminars and mentoring sessions on how to get loan applications approved.
Banking is, after all, a business. Banks can’t just lend to you because they want to help. The loan officer you will be talking to will have to justify their decision to lend money to you. What does he have to show for his decision?
He will need your books, your cash flow statements, your business plans, your business projections, and your product designs. In short, documents that not a lot of you small businesses have at the tip of your fingers.
It doesn’t have to feel like crossing EDSA in the middle of the night without the help of the pink overpass, BPI Foundation is saying. A program called “Show Me, Teach Me” has BPI Family Savings Bank employees reaching out to communities near their branches to teach them such things as basic accounting. This project is also in partnership with the Department of Trade and Industry.
I checked with the BPI Foundation office here in Manila if this is done on a scale that can make a real difference. I am all too aware that this can look good in an annual report, but not much on the ground. Officials said they themselves go down to ground level and teach accounting in Filipino. It makes sense at the business level because this activity also helps the branches find small entrepreneurs that can turn into big depositors in the long-term.
How I wish, however, that BPI Foundation has a list of contact persons in the provinces on their website so that people can look them up and find out how to join these seminars. The Internet nowadays is a great resource, and you don’t need to be a rocket scientist to come up with ways to use it more effectively! Sigh.
So those interested will have to make do with their Contact Us website. Here is the link: http://www.ayalasocialinitiatives.com/getinvolved.asp. If you think you need this kind of help, join those seminars. After all, they’re free.
Oh, and another interesting tidbit. BPI Foundation has announced that it is developing a trainor’s kit that will help families of overseas Filipino workers cope with the escalating social cost of migration, gain financial literacy, and engage in entrepreneurial endeavors. The trainor’s kit is in partnership with the non-profit Atikha Overseas Workers and Communities Initiatives, Inc. This kit will be unveiled during its 30th anniversary celebration next year.
Read more about BPI Foundation in this article and in this website.
January 8th, 2008 at 10:39 am
[...] received this question from Mr. Edwin Catindig in response to my blog post on how to increase your chances of getting that bank loan approved. I am interested in getting a loan for my projects next year. I want to know the ins and outs on [...]
December 31st, 2007 at 4:26 am
Furthermore, as an OFW, what formalities do I need in applying bank loan for the purpose.
Please advice…
Awaiting reply, thanks and regards.
Sincerely yours,
Robert Oliquino
ROLIQ FARMS
P.O. Box 1021
Santiago City 3311
Isabela, Philippines.
Tel. +63 78 682 3769 - Philippines
Mobile : + 966507197224 - Riyadh,Saudi Arabia
December 31st, 2007 at 4:08 am
Joyful greetings to everyone! - Belated Merry X’mas & wishes full of hope & Prosperity this New Year ! I’m a small scale agribiz farm owner in part of Cordillera Region - the now known as Vegetable Bowls of the Philippines. I owned a little portion of highly vegetative plants.My farm name is ROLIQ FARMS registered by DTI, Santiago City, Isabela Branch. Am seeking small financial capital
the amount of at least Peso 200,000.00 to augment expansion of my input fund requirements.Purpose of which is for increasing crop yield by adopting Beekeeping Pollination.I already gained lot of knowledge in Apiculture, hence ready to launch if fund is available for the said project.Am an OFW, but salary is not sufficient to augment my not to mention present multifarious farm activities.Please give me more ideas, so I can actively participate in the mainstream of upgrading our country’s economic development.
December 27th, 2007 at 7:42 am
Hi Mr. Catindig, it would be best to let BPI Foundation answer your concerns. Forwarded your question to them and will post their answer immediately after I receive their reply. Regards
December 21st, 2007 at 8:25 am
Good morning.
I am interested in getting a loan for my projects next year. I want to know the ins and outs on how to get a loan. Can I use an “APPROVED PURCHASE ORDER” from my customer as a collateral for my loan or what other options can I avail.
My expected loan amount is approximately Pesos 2 Million and what collateral can I offer to the bank in order for my loan to be approved.
Thank you and I hope to hear from you soon.
Edwin Catindig
MJJP Enterprises
09178916047