By ANALIZA S MACATANGAY
NAGA CITY: The Consuleo “Chito Madrigal Foundation (CCMF) Bikol Inc., a non-government organization for poverty alleviation, has launched its Special Loan Product, increasing the maximum loan amount available to its micro-finance members to P50,000.
Department of Trade and Industry (DTI) Camarines Sur Provincial Director Edna Tejada said during the CCMF’s general assembly that the new product adds to the production loan and multipurpose loan already in place for small entrepreneurs in the region.
The program is also supported by the Department of Science and Technology (DOST) and the (DTI) pursuant to the public-private partnership that the Aquino administration encourages.
Tejada said DTI encourages the micro-finance members to improve their products and to make them more attractive to customers and clients.
She said this should perfectly fit the quality of the products that they are promoting.
Director Patrocinio N Felizmenio of DOST who was also present at the assembly expressed her commitment to help the members improve their merchandise.
“DOST is ready to help micro-finance entrepreneurs in enhancing their products through our training on product development, packaging and labeling, product calibration, nutrition facts testing and improvement of the equipment,” Felizmenio said.
Meanwhile, DTI will assist the members through their services like business counselling, skills and entrepreneurial training, product design and development, credit brokering, marketing assistance, business name registration and license facilitation.
CCMF Bikol Inc. will provide financial assistance in the form of the production loan, which can be used to finance beginners or to sustain or expand existing micro-enterprises of CCMF clients.
The amount available for a loan is P20,000.
However, if the project merits a bigger capital, CCMF will assess the business proposal or the project’s feasibility and could lend as much as P40,000 which will now fall under the new loan product.
CCMF clients can also avail of a multipurpose loan for business, house repairs and education.
CCMF hopes that hrough their Special Loan Product, micro-finance members will be able to break the culture of mendicancy and dependence.
CCMF started its operations in Bicol in 2004, after Dona Consuelo “Chito” Madrigal approved the release of a P200-million fund which served as seed money for pro-poor programs in the region.
The grants were made possible through the support of then-Caceres Archbishop Most Rev. Leonardo Z. Legaspi, OPDD and Fr Joel E Tabora, former university president of Ateneo de Naga.
The program aims to promote self-reliance and financial independence. – PIA5