COMMUNITY DEVELOPMENT LOAN
Loans are provided to communities with economic potential. The availability of raw materials and the demand for the potential product will be evaluated. The “Adopt-a-Barangay” program aims to develop programs that will directly benefit the communities. Potential clients are those that cannot qualify to avail of current RPMI loan services.
Loan use - Community enterprise
Loan package-
- Loan
- Capital Build-Up
- Php5,000 CAP Benefits
- Livelihood support training
Loan size
- Dependent on the project
Loan Term
- Flexible - Maximum of one (1) year
Mode of Payment
- monthly, quarterly or one-time (Dependent on the project)
Minimum Amount
- Dependent on project
Maximum Amount
- Dependent on project
Interest
- 1.5% monthly straight line
Charges
- Pre-deducted from loan
- Loan Redemption Fund - 1.5%
- Loan Service Fee - 1%
Qualifications
- 18 to 70 years old
- Potential clients in hard to reach areas with limited services
- Permanent resident individual willing to be involved in a community enterprise project.
- Identified by RPMI based on the feasibility study provided by the Research and Development Department.
- Availability of natural resources or raw materials that can be processed into consumer goods
Requirements
- Barangay clearance - for the current year
- Picture - 1 copy 1.5 x 1.5 colored ID picture per member
- Project proposal / Business Plan