The Philippine National Bank (PNB), one of the country’s largest private local commercial banks, launched the Small Enterprise Virtual Card for Small Enterprises last 06 March 2017. This new loan facility is fully operational starting 25 March 2017. It is PNB’s financing innovation to SMEs who are looking for additional capital for their business expansion.
The Small Enterprise Virtual Card can be obtained through an Unsecured Revolving Credit Line (RCL) by SMEs including exporters who want to avail of the credit facility with a minimum loan of Php500 thousand and a maximum loan limit of Php3M. An unsecured credit line is usually based on the credit approval of the client. It also allows multiple drawdowns equal to or less than the approved credit line. Every drawdown shall be computed using the approved Effective Interest Rates and shall automatically be on fixed instalments similar to the Convert-to-Cash facility of the Retail Credit Card. Crediting of proceeds shall only be through the client’s PNB deposit account. Hence, all borrowers with no existing PNB account needs to open one in order to avail of the facility.
Application documents and requirements include application form, valid ID, Income Tax Return (ITR), 3-year Audited Financial Documents and Business Registration documents.
For more information on the credit facility, SMEs may call any PNB branch nationwide. – Grace T. Mirasol