MSMEs prefer to borrow from co-ops rather than banks

Want create site? With Free visual composer you can do it easy.

DAVAO CITY (MindaNews / 11 August) – Micro, small and medium enterprises (MSMEs) prefer to borrow from cooperatives rather than banks because small business owners prefer the simplicity of the financing schemes in cooperatives over the banks’ stringent policies, an official of the Department of Trade and Industry said.

In an interview at the sidelines of Monday’s Kapehan sa SM, Marie Anne How, chief of DTI’s Trade and MSME Development Division said MSMEs “would rather borrow from co-ops because when they go to banks, they will be required to submit different requirements. For businesses below P3 million, some of them find this difficult and taxing,” she said.

“What’s good about cooperatives is that you only have to rely on your credit standing within your coop,” she said.

Banks on the other hand, require character background investigations and a lot of financial requirements.

How said that financing and other topics will be discussed in the upcoming National MSME Summit at the SMX Convention Center in Lanang on August 20 to 21.

She said the DTI is pushing for MSMEs to be at the frontlines of the ASEAN integration in 2015.

Successful entrepreneurs in industries such as food processing and houseware will share best practices during the summit.

Value chain trends and financial management will also be discussed. (MindaNews)

Did you find apk for android? You can find new Free Android Games and apps.

Comments

comments

6 COMMENTS

  1. Very nice post. I just stumbled upon your weblog and wished
    to say that I’ve really enjoyed surfing around your blog posts.
    After all I’ll be subscribing to your feed and I hope you
    write again soon!
    juventus drakt

  2. And these figures stood a number of other things in common, apart from just being
    women. Role of love psychics in broken affair of love – Love psychics come within the serious
    and critical moment of love rivalry. A book telling the storyplot of how a missionary named Don Richardson along
    with his wife Carol was used of God to bring the gospel with a stone-age people group in the tropical rain forests of what
    is now called Papua New Guinea, a tropical nation found
    directly north of the united states and continent of Astrailia.

LEAVE A REPLY

four × 1 =