First Country Bank

These are loans to groups of women micro-entrepreneurs using the Grameen Bank microfinance methodology of group lending. Low-income market vendors and other micro-entrepreneurs group themselves to form a center in order to avail of micro-loans. This program is in partnership with the People's Credit & Finance Corporation.

For:
Women micro-entrepreneurs who need cash flow to finance their livelihood.

Eligibility:

1. Women micro-entrepreneur between 18-64 years old
2. Has a micro business for at least 6 months
3. Proof of residence
4. Husband must be employed
5. Minimum monthly income of P5,000
   

Benefits:

• Affordable interest
  
• Quick approval process
  
• Convenient group collection
  

Rate:
2% per month

Fees:
Service charge
Notarial fee
Credit life insurance
Group/Center fund
Savings deposit

Minimum Loan:
P5,000

Maximum Loan:
P25,000

Minimum Term:
6 months

Labels: Loans