Security Bank supports MSMEs 

Security Bank Corp. announced a financial package targeting micro-sized, small-scale and medium-sized enterprises (MSMEs) the lender calls “Business Banking Segment,” or “BBS”, according to a report by BusinessMirror.

A statement said that through the BBS, MSMEs would be offered either a Business Mortgage Loan (BML) or a Business Express Loan (BEL).

The country’s eighth-largest lender in terms of assets said the BML “allows customers to loan up to 80 percent of the appraised value of their collateral.”

“Clients can loan up to P30 million and pay up to 20 years in monthly installments,” SECB said. “For clients looking for more flexibility in their fund use for their shorter business cycles, they may choose a revolving-credit line version of BML where it gives them access short term funds from ranging 6 months to 12 months.”

The BEL, on the other hand, are for those needing a collateral-free loan, the lender said. The BEL, it added, “allows clients to get up to P5 million to help grow their business.”

“Every MSME has unique business goals and challenges that entail customized services and solutions. BBS’s non-lending and lending products can help them meet their objectives through financial inclusion, holistic support and tailor-fit products and services,” First Vice President Marjorie T. Esplana said.

The lender said it expects the BBS to capture 20 percent of MSMEs in the next three years to five years. It didn’t cite a target after this period.

SECB said it hopes to achieve this goal by “enhancing” its “various customer touchpoints such as branch banking, telesales, social media, client support and business development.”