Group Business Loan

GROUP BUSINESS LOAN

Group Business Loan is a loan intended for a group of entrepreneurs within an area, such as a marketplace, with common need  to avail loan for capitalization. The need to group themselves is vouch each other’s credibility (character and behavior) thereby speeding up the CIBI process. Group Business Loan, unlike individual business loan, doesn’t have to submit tedious requirements to avail the loan.

Loan Features
4% per month interest based on diminishing principal balance
Php 3,000 – 50,000
3 months to 12 months
weekly/semi-monthly/monthly

Loan Eligibility
 Must be MIGS (member in good standing)
 Must be a Filipino
 Must be at least 18 years of age but not more than 69 years old upon loan maturity
 Must be entrepreneur for at least 1 year of doing business
 Must be willing to form a group and assume group accountability
 With at least 1 co-maker

General Requirements
 Completed and signed application form
 2 valid government issued photo ID