The Land Bank of the Philippines (LandBank) said it has opened “out-of-the-box” lending facilities for farmers, fisherfolk, inventors, and other small and micro entrepreneurs in remote or unserved areas.
In a statement over the weekend, LandBank said these new facilities are part the Empowering Barangays in Remote Areas through Credit and Enterprise (EMBRACE) program with an initial fund of P1 billion and which is designed to serve the financing needs of small farmers, fishers, and micro and small entrepreneurs.
“LandBank has recently implemented EMBRACE in support of its continuing commitment to the government’s goal of financial inclusion as a means to achieve inclusive growth,” it stated.
Another “out-of-the-box” financing package available at the Bank is the Innovation and Technology (I-TECH) Lending Program, which serves patented Filipino inventors who want to commercialize their inventions, LandBank said.
The bank did not specify in this report how much was initially allotted for I-TECH, but said it will work with the Technology Application and Promotion Institute (TAPI) on the features of this lending program, which aims to “make available a special financing window” for Filipino inventors.
EMBRACE aims to target 1.2 million small borrowers who are seeking financing for their projects that involve agricultural crop, livestock and fishery production, agri-enterprise and other livelihood initiatives.
The program covers 84 unserved municipalities in Luzon, 33 in the Visayas and 112 in Mindanao.
Small borrowers can each avail of a minimum loan of P25,000 and a maximum of 80 percent of their total project costs, up to a limit of P500,000 under this lending program.
In the I-TECH program, state colleges and universities with patented inventions and enterprises authorized by inventors to use their patents through a Deed of Assignment can also avail of the financing package.