Small Biz Lite
The Small Biz Lite aims to provide financial capital to micro and small entrepreneurs who are capable of borrowing at least ₱50,000 with the intention to improve their business operations. Such access to credit will enable these clients to expand their business and consequently, increase their income. The product primarily targets entrepreneurs who generate daily, weekly, semi-monthly or monthly income, have adequate financial records and have been operating for at least three years.
Loan Amount
Loan amount ranges between ₱50,000.00 to ₱1,000,000.00 subject to client’s capacity to pay. Loan increases are subject to repayment behavior and capacity evaluation.
Loan Purpose
- Additional Working Capital
Purchase of business equipment and vehicle
Qualifications
- Single Proprietorship, Partnership, Corporation or Cooperative
- 21 and above, should not exceed 70 years old at the time of loan maturity
- Resident in the branch trade area for at least three years
- Business has been existing for at least three years
- Willing to open a Contractual Savings with RMB and save while there is an active loan
- Anti-Money Laundering Risk Rating should not be “high” risk
- Not considered to be a Politically Exposed Person
- Nature of business is not included in the International Finance Corporation (IFC) Exclusion List
- Eligible based on credit bureau data policy
Loan Term
12 months for loans up to PhP300,000
36 months for loans more than P300,000 to P1,0000,000
Frequency of Payment
Semi-Monthly, Monthly payment of Principal, Interest and Contractual Savings