MSMEs Tied to Coca-Cola PH to Receive Better Access to Loans

In an effort to assist the recovery and provide better access to loans for micro, small, and medium enterprises (MSMEs), Coca-Cola Beverages Philippines, Inc. (CCBPI) has recently entered into a partnership with the Department of Trade and Industry’s financing arm Small Business Corp. (SBCorp.). The move is set to widen the coverage of SBCorp.’s RISE UP Tindahan loan program to include partner retail stores, dealers, distributors, and other MSMEs of CCBPI.

Through the RISE UP Tindahan project, MSMEs can avail of loan amounts ranging from ₱300,000 to ₱5 million — collateral-free — depending on their size and scale. The offer also comes with a repayment term of three years and a grace period of up to 12 months. “The process in RISE UP Tindahan is simple, which is key to reaching more MSMEs,” explained Chris Pesigan, CCBPI General Trade Director.

“We need to overcome the challenge of inaccessibility, and part of this is making sure that procedures aren’t overly complicated — that MSMEs don’t feel intimidated or overwhelmed,” he added. “The partnership with SBCorp. manifests the collective, urgent goal of helping the MSME sector recover, stabilize, and progress.”

SBCorp. Chief Operating Officer Santiago Lim, on the other hand, expressed his enthusiasm for the recent partnership. “Reaching out to the far ends can be a daunting task, but since we have Coca-Cola now as our partner, with your seasoned experience on the ground, we are confident that this project will be successful,” said Lim.

The CCBPI reminded that interested applicants must be prepared to submit the necessary documents which can include barangay business permits and government-issued IDs, among other requirements. “The loan application will undergo credit, business, and financial assessments. Applicants will then be contacted via e-mail regarding the results of each stage,” it furthered.

Source: BusinessWorld