Landbank launches loan program for businesses hit by virus
MANILA, Philippines – The Land Bank of the Philippines (Landbank) is offering a loan program with a low interest rate for small and medium enterprises and microfinance institutions affected by the coronavirus pandemic.
Through Landbank's Interim Rehabilitation Support to Cushion Unfavorably-affected Enterprises by COVID-19 or I-RESCUE program, small businesses can borrow up to 85% of their actual need for working capital with an interest rate of 5% per annum. (READ: Philippines braces for recession due to coronavirus)
The loan is payable up to a maximum of 5 years, with a grace period on the principal payment.
I-RESCUE likewise offers restructuring of existing loan accounts through an additional loan, extended repayment period, or other means or a combination of means.
"The loan may be extended up to a maximum of 10 years, with up to 3 years grace period on principal and up to 1 year grace period on interest, depending on cash flow," Landbank said.
Small enterprises are those that have less than 10 employees and an asset size not exceeding P3 million.
Medium enterprises have less than 100 workers, with an asset size over P3 million but not exceeding P15 million.
Interested borrowers may contact the nearest open Landbank lending center or branch nationwide, or call Landbank's customer service hotline at (02) 8-405-7000 or PLDT's domestic toll free number 1-800-10-405-7000. – Rappler.com