LAND BANK BUSINESS LOAN: THE PERFECT LOAN SOLUTION FOR AGRI-BUSINESS ENTREPRENEURS
Do you own a fishery and are looking forward to expanding it? Are you engaged in growing crops and fruit-bearing trees and are looking for funding to acquire more lands and purchase more crop development equipment? Whether you’re a fisher folk or farmer, there’s certainly a type of Land Bank Business Loan suited to your line of business. The following are the five main SME loans Land Bank offers:
- ASENSO Program – A credit option for agri-business, trading and manufacturing projects. This is available to cooperatives, partnership, sole proprietorship and corporations with at 60% of shares owned by a Filipino.
- Integrated Support for the Development of Aquaculture (ISDA) Program – A loan option for NGOs, SMEs, cooperatives and large agri-business organizations. Proceeds of this loan may be used as working capital, production financing and fixed assets acquisition.
- Kalikasang Kabuhayan para sa Wastong PamaYanan (KAWAYAN) Program – The best financing option for farmers and agri-business owners livelihood associations and cooperatives. This also one of the bank’s initiatives in championing environmental protection.
- Microfinance Program for Microfinance Institution-Retailers – The perfect financial option for micro-business enterprises in barangays and other poor sectors. Eligible borrowers are cooperatives, NGOs and microfinance-oriented banks. Loaned money may be used as working capital and rediscounting.
- OFW Reintegration Program (OFW-RP) – A credit option for OFWs looking to open a business in the country. Minimum loanable amount is PHP 300,000 and maxes out at PHP 2 million, which can be used as a working capital or for purchase of fixed assets.
QUALIFICATIONS AND REQUIREMENTS
You can qualify for a Land Bank business loan if you are between the ages 21 to 70 years old and are a Filipino citizen by birth or by legalization. Applicants must also be able to present a stable source of income either as an employee or a self-employed entrepreneur with a 2-years worth of proof of profitable operations. As for project-specific loan types (e.g., ISDA, KAWAYAN), the applicant must have enough knowledge and experience in the venture he or she is planning to engage in. Those qualified to get a loan should prepare the following documents upon processing:
- Valid IDs
- Proof of Income – i.e., latest payslip for employed applicants or cash flow statement for business owners
- Proof of Residence
- Business or Mayor’s Permit
- SEC or DTI Registration
EASY AND FAST APPLICATION PROCESS
Processing your application can be tiresome and time-consuming. For this reason, we at Loansolutions PH, launch a quick, hassle-free application process that will take only a couple of minutes to complete. Loansolutions PH is the Philippines’ largest network of lenders entrepreneurs can tap into once they’ve successfully completed the 3-Step Online Application Process. Once they’ve submitted their application, they only need to visit the site regularly and use the Check Loan Status tool to know whether they’re approved or declined.