The Rizal Commercial and Banking Co. (RCBC), has unveiled an SME business loan program for women which promises to increase their financial capacity and address the growing demands of their businesses, reported Philstar.
The bank’s Women’s Enterprise Loan is the first such program targeted at Filipinas entrepreneurs. Combining the resources of RCBC and RCBC Savings Bank, Bankard, and Malayan Insurance, the program offers variety of banking products useful to businesses, its shareholders, officers, and staff.
These include working capital and other solutions for businesses, auto, housing, and other consumer loans for officers and staff, corporate credit cards for key personnel, as well as group insurance packages.
They will also be eligible for exclusive privileges from the RCBC Bankard Diamond Credit Card, express lane and automatic pre-qualification for auto and housing loan programs, and premium insurance packages from Malayan Insurance.
“Women entrepreneurs can do so much more. They account for a significant share of local businesses but many still feel that their financial needs are not properly addresses, so it is about time that we start focusing and meeting their business needs,” said RCBC first senior vice president Michael O. De Jesus.
RCBC is rapidly expanding its SME banking division. It recently launched a Phone-A-Loan service, enabling entrepreneurs to find out if they qualify for a business loan with commercial banks.
The division has tripled its portfolio to P15 billion (US$345M) in the last four years, and plans to expand total credit in this market to P20 billion (US$460M) within the next 12 months.
RCBC is part of the Yuchengco Group of Companies, one of the largest family-own business conglomerates in the Philippines.
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