Micro-businesses in Zamboanga continue to recover despite tough times
As the local economy reopens in Zamboanga, many micro and small business owners were provided opportunities to recover their businesses.
For most MSMEs, additional funding is needed to help resume business operations which were momentarily suspended. Lizaruth Morales, a micro-business owner from Saavedra, Zamboanga was one of them.
At the height of the pandemic, the small shop of Morales was affected when the enhanced community quarantine (ECQ) was implemented. She struggled to keep her business open given the rising costs of operations.
Financial support for MSMEs
To prevent her business from closing down, Morales sought financial assistance from BDO Network Bank, the community bank of BDO Unibank.
“BDO Network Bank (BDONB) offers the Kabuhayan Loan or MSME Loan that can help small business owners to revive and grow their businesses. Through the funding, they can carry out their plans for their business, helping them fulfill their dreams for their families,” said Karen Cua, BDO Network Bank senior vice president and MSME head.
To date, there are four (4) BDO Network Bank branches and loan offices in Zamboanga, where existing business owners can apply for a loan ranging from Php 30,000 to Php 500,000 with no collateral. The additional fund can be used to increase stock inventory, buy equipment or delivery van, and support other business needs.
BDO Network Bank has also designed affordable payment schemes -- allowing the borrower to choose the most suitable and easy installment payment terms of 12 months to 24 months -- to keep their business going.
Morales is very thankful to its partnership with BDO Network Bank, saying that through the extra funding from the Kabuhayan Loan or MSME Loan, her loading station business was able to recover and grow.
For those who are interested to apply for a Kabuhayan Loan, visit BDO Network Bank website (https://www.bdonetworkbank.
The small shop of Lizaruth Morales, a micro-business owner from Zamboanga, remained open despite tough times through the help of BDO Network Bank Kabuhayan Loan. (Supplied Photo)