DTI-accredited GFI opens North Luzon Office in Baguio
by Lito Dar
Baguio City (21 November) -- Small Business Corporation (SB Corp), a government financial institution (GFI) attached to the Department of Trade and Industry (DTI), launched its North Luzon Area Office in Baguio City, Thursday.
SB Corp.'s NL Area Office, its tenth branch in the country, is located at Unit 17, Manongdo Building, Private Road, Magsaysay Avenue, Baguio City.
SB Corp, the third largest provider of Micro, Small and Medium Enterprise (MSMEs) among GFIs, aims to serve the financial needs of MSMEs of provinces in Northern Luzon such as Benguet, La Union, Pangasinan, Mountain province, Ilocos Sur, Ilocos Norte, Abra, Tarlac, Bataan, Zambales, Nueva Ecija, Cagayan, Isabela, Quirino, Nueva Viscaya, Kalinga, Ifugao Apayao and Batanes.
Up to the third quarter of 2009 alone, SB Corp has already released P2.7 billion in loans to different MSMEs nationwide. In 2008, it has released more than P4 billion in loans to the country's MSMEs, which is 8 percent higher than the P3.7 billion released in 2007.
SB Corp Chairman and CEO Virgilio Angelo said that the increasing microfinance loans are indications of the corporation's commitment to the government's anti-poverty initiatives. "We want to create a more enabling environment for entrepreneurship by making loans readily available most especially to the country's poorest areas.
SB Corp's President and Corporate Operation Officer Benel Lagua, also assured MSMEs in the region, as well as the other North Luzon provinces that they intend to cater, that their corporation is ever willing to think and find ways on how to help finance business endeavors.
SB Corp provides direct financing for small enterprises in need of additional capital for expansion, equipment acquisition, factory renovation, working capital as well as local and international receivables.
SB Corporation's NL Area Office launching activities, included a thanksgiving mass, blessing and ribbon cutting activities in their new office area, and a press conference and launching ceremony or program at the Baguio Convention Center.
In the press conference, both DTI Cordillera Director Myrna Pablo and DTI Region I Director Florante Leal, stressed the importance of the establishment of the said SB Corp Office in Baguio for the development of MSMEs in Cordillera and Region I.
Other SB Corp MSME clients like Mr. and Mrs Ferdinand Geronimo of Reyes Haircutters and Ms Lalaine Fronda of Gems and Stars Cycle Parts, also graced the event to share entrepreneurial experiences to the MSMEs that participated in the program. (PIA) [top]
