Tuesday, October 30, 2007
Planters Development Bank, the country’s leading SME bank, unveiled additional support for home-grown Small and Medium Enterprises (SMEs).
Plantersbank inked its newest credit guarantee tie-up with the Small Business Corporation to support working capital requirements of the local franchise sector and equipment financing for the Bank’s SME clients.
Plantersbank president Maria Flordelis F. Aguenza (center) receives a copy of the financing agreement from SBCorp president Benel P. Lagua (second from left) as witnessed by SBCorp’s senior vice president Maria Luna C. David and vice president Hector M. Olmedilla and Plantersbank senior vice president Ana Rose T. Kwan.
“This partnership aims to strengthen the SME sector, which plays an important role in building the country’s economic base,” according to Plantersbank president Maria Flordelis F. Aguenza. She added that Plantersbank sees franchising as one of the ways to encourage the growth of a broad, entrepreneurial class in the country.
“SMEs are contributing to a lively market economy by making new choices available and introducing novel consumer experiences,” Mrs. Aguenza said.
The Plantersbank Franchise Loan facility is being made available to companies and franchisees affiliated with the Association of Filipino Franchisers Inc (AFFI) or the Philippine Franchise Association (PFA). This facility will finance acquisition of fixed assets, leasehold improvements and working capital requirements.
The Equipment Loan facility is designed to finance the acquisition of plant machinery, franchise equipment and healthcare and fitness apparatus requirements of Plantersbank SME borrowers.