Bank targets Women Entrepreneurs with special SME Loans
In the Philipinnes, The Rizal Commercial and Banking Co. (RCBC), one of the largest commercial banks in the Philippines, has introduced an SME business loan program which gives women the opportunity to increase their financial capacity and meet the growing demands of their business, follows from reporting at Philstar.
RCBC’s Women’s Enterprise Loan is the first business loan program in the country developed specifically to address the needs of Philipina entrepreneurs. It is also the bank’s way of responding to the government’s call to help empower local entrepreneurs through improved access to credit.
For its women lending program, RCBC entered into a partnership with the International Finance Corp., the investment arm of the World Bank Group, to work together in developing products and services that would be beneficial to its women clients. RCBC is part of the Yuchengco Group of Companies, one of the largest family-owned business conglomerates in the Philippines.
RCBC executive vice president Uy Chun Bing said that the bank recognizes through this new offering the crucial role that women play in the country’s economy.
The universal bank said that it was able to tap into the women entrepreneur market through its eWoman program, which it introduced in 2007. And customer analytics showed that no less than 25 percent of its women customers were engaged in their own business.
“This program will provide the impetus for them to bring their businesses to a higher level,” he added.
RCBC Women’s Enterprise Loan offers a wide array of banking products needed by the business, its shareholders, officers and staff.
This program will provide working capital and other solutions for the business, auto, housing, and other consumer loans for officers and staff, corporate credit cards for key personnel, and special group insurance packages.
Women entrepreneurs will also enjoy special privileges, express lane and automatic pre-qualification for auto and housing loan programs, and premium insurance packages.
RCBC first senior vice president Michael O. de Jesus stated meanwhile that identifying high-potential niche markets and helping them achieve their full potential, is part of the bank’s long term growth plan.
“Women entrepreneurs can do so much more. They account for a significant share of local businesses but many still feel that their financial needs are not properly addresses, so it is about time that we start focusing and meeting their business needs,” De Jesus said.
Source; Philstar magazine
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