Small Biz RCL
The Small Biz Revolving Credit Line (RCL) Facility is a flexible, standby, individual loan product of RCBC MicroBank.
The Small Biz RCL allows a borrower to borrow money from the Bank without the hassle of applying for a loan every time the need for funds arises. It is a reusable source of funds that can readily be tapped at the borrower’s discretion subject to approved credit line limit and term set by the Bank.
The line will be available for one year. During this allotted period of time, the facility will allow the borrower to take out, repay, and take the loan out again, and allow the borrower to use as much of the credit as is available and only pay interest on what has been used.
Loan Amount
Up to P20,000,000. Line is subject to review 30-90 days prior to line maturity and evaluation of the following:
- Active utilization of line (1-2 availments within the term of the loan)
- Repayment status (on time payment, no past due amortization)
- Capacity to pay
- 100% Collateral coverage
Loan Purpose
- Short-term or seasonal working capital requirements
- Inventory management
- Business opportunities
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
- Willingness to open and maintain a separate deposit account with RMB equivalent to at least 1% of the
- approved credit line (except for accounts secured by a CTD).
- 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
- Maximum of 1 year and available via 30-days to 180 days PN
Frequency of Payment
- Monthly principal and interest;
- Monthly interest and quarterly principal; or
- Monthly interest and lump sum principal