SME Unified Lending Opportunities for National Growth
SULONG is a unified lending program designed to support the National SME Development Plan. Under this program, all participating Governtment Financial Institutions shall apply simplified and standardized lending procedures and guidelines to evaluate loan application of SMEs, e.g., loan purpose, fee structures, interest rates, application forms, financial ratios, and other lending parameters. This unified lending scheme is in addition to the existing financial services of the participating GFIs.
There are two types of loans that are available for SMEs under this program and these are:
1. Short term loans payable in one year, and
2. Long term loans payable up to five years.
- To simplify and standardize the lending procedures of GFIs, thereby enhancing the SMEs’ access to needed funds.
- To shorten the list of documentary requirements to further facilitate the lending process.
- To create a wider, borderless financing system that will afford the SMEs greater access to short- and long-term funds.
- To lower the effective cost of borrowing by SMEs and liberalize the requirement.
Whole Sale Lending for Rural Banks and Thrift Banks
All eligible Rural Banks and Thrift Banks can now apply to any participating Government Financial Institution (GFIs) for accreditation under the SULONG unified accreditation system.
The participating GFIs in wholesale lending are:
- Development Bank of the Philippines
- Land Bank of the Philippines
- Small Business Guarantee and Finance Corp.
- Social Security Systems
Eligibility and Documentary Requirements
For SSS, whose charter requires that the institution must be in good standing with SSS and must be profitable in past 3 years, these requirements become automatic in addition to the above list of requirements.
For your inquiries and assistance please contact:
Mr. Benel Lagua
Finance Committee Head
National SME Agenda
Tel. No. (02)810-5791