My Article on Sunstar

I wrote the article and send it through e-mail to Sunstar editor on March 23, 2009. I did not expect that it would saw print the following day. Actually, I did not know that it got printed until today when I did a search at their website. This is my second article; the first was when I was in Cebu and was printed by Sunstar Cebu.

I don’t know if the paper gives financial incentive/s to their contributors for they never tried to contact me or had replied to my e-mail. I thought I’ll get some cash from it. My former division chief submits articles to Inquirer and gets paid.

But, anyway, the article talked about the recent development of the retail financing products of my company, Small Business Corporation. It was all about the memo directing Business Development Units to cater to the various financing needs of farm-level agri-businesses.

Here’s the article posted in Sunstar Cagayan de Oro:

SBC now lends to farm-level agri-businesses

Tuesday, March 24, 2009

By Jade M. Montero

STATE-run Small Business Corporation (SBC) is now poised to extend financing programs to farm-level agri-businesses across the country.

This new development is timely in the midst of the global financial crunch that has led to multinational companies retrenching workers.

The move to provide a credit facility for farm-level agri-businesses is also in response to the mandate of the newly amended Magna Carta for Micro, Small and Medium Enterprises (MSMEs) or RA 9501, which was signed on May 23, 2008.

“Please be advised of the inclusion of farm-level agri-business activities across all financing programs of SBC, as approved and confirmed by the Credit Committee during its meeting on January 9, 2009,” the January 10, 2009 SBC memorandum reads.

SBC will provide direct financing to existing entrepreneurs in this sector, a sector the corporation didn’t serve in the past years. Though the corporation started to lend money to SMEs in this sector last year, it was done through its wholesale programs partnered with Accredited Financial Institutions (AFIs).

Businesses and entrepreneurs with a minimum loan requirement of P200,000 may avail of the credit facility for working capital, fixed assets, vehicles, and equipment purchases.

Those with loan requirements the corporation can’t serve are referred to its AFIs across the region.

SBC is a government financial institution created by virtue of Republic Act 6977 or the Magna Carta for Small Enterprises in January 22, 1991.

SBC is attached to the Department of Trade and Industry (DTI). In Northern Mindanao or Region 10, SBC is housed at National Economic Research and Assistance Center (NERBAC), a one-stop business assistance center, located in DTI Building, Corrales-Luna Streets, Cagayan de Oro City.