Landbank announced on Sunday that a total of ₱5.28 billion out of the ₱6.95 billion approved loans were already released to MSMEs and coops struggling during the pandemic.
According to a statement by the bank, 227 borrowers availed of the loan assistance as of the end of January: 167 MSMEs, 34 cooperatives, four microfinance institutions (MFIs), and three large corporations.
The loans were released under the I-RESCUE lending program (Interim Rehabilitation Support to Cushion Unfavorably-affected Enterprises by Covid-19). This program was launched in April 2020 and aims to provide credit and loan restructuring under more flexible terms and conditions to MSMEs, MFIs, and cooperatives.
The I-RESCUE program allows enterprises to borrow a maximum of 85% of their emergency or working capital requirement, at an affordable interest rate of 5 percent per annum, payable up to a maximum of five years, with grace period on the principal payment.
LandBank President and CEO Cecilia C. Borromeo said this about the program:
"We are enhancing the I-RESCUE Lending Program to cover a wider range of key industries that need greater access to credit...
LandBank is keeping in step with emerging requirements under the new normal in support of the country’s ongoing economic recovery."
For more information about how you can apply for loans under the I-RESCUE program, click HERE.