True to Bank of Makati (A Savings Bank), Inc. (BMI) vision to become the mSME bank of choice, we introduced Power Negosyo Loan 300, a no frills, no collateral product targeted at potential borrowers, particularly in the provinces. Power Negosyo Loan 300 allows proprietors of mSMEs to borrow any amount from P150,001 to 300,000. The loan is for a term of up to two years and at a competitive rate compared to that of the informal sector. Repayment is applied as an equal monthly amortization on principal and interest.
The bank does not require borrowers to provide any collateral, thus eliminating one of the major reasons that dissuade most entrepreneurs from applying for loans. And upon completion of loan documentation, the cash is immediately released.
To be eligible for the loan, the borrower must have established business operations for at least two years.
To avail of the Power Negosyo Loan 300, interested parties may simply go to any of the 21 branches, 13 Metro Manila microfinance-oriented branches or 22 loan centers operated by BMI across the country.
Power Negosyo Loan 300 is just one of BMI’s various initiatives to help entrepreneurs across the country. Other programs include the “UsapTayo, Ka-Biz” seminar series in cooperation with the Department of Trade and Industry. This orients budding entrepreneurs on the available business opportunities in their municipality or province, while educating current business owners on market trends and services offered by various government agencies to support their trade.
With these initiatives, BMI stays true to its commitment to serve mSMEs across the nation, to reach its goal of being the bank of choice for entrepreneurs.