Private and Public Sectors Urged to Help mSMEs

The government and the private sector must work together to help struggling mSMEs secure financing to grow their business. This was the call made by Department of Trade and Industry-La Union Provincial Director Daria R. Mingaracal during the Usap Tayo, Ka-Biz seminar sponsored by Bank of Makati on March 27, 2014 at Max’s Restaurant, San Fernando, La Union.

Mingaracal said that while mSMEs comprise 99.6 percent of total registered enterprises in the country, they face the most difficulties in securing financing and in meeting stringent government requirements. Many of such enterprises do not have capital nor collateral with which to secure a loan, nor are they able to provide documentary requirements necessary to register their businesses.

That is why this no-collateral offer of BMI is a good thing,” said Mingaracal, referring to BMI’s Enterprise Loan 300 offering, which gives borrowers as much as P300,000, collateral free. “We can be partners in providing assistance to our mSMEs.”

At the same time, the DTI provincial director said mSMEs should take advantage of the programs and training that the Trade and Industry department offers for free to improve their products and services. These programs include:

  • SME Roving Academy, which provides would-be and existing entrepreneurs with the right entrepreneurial mindset and attitude that would enable them to be competitive in the domestic and international markets. Among the topics being covered by the Academy this year are Simple Bookkeeping, Entrepreneurship/BIR Matters, Basic Food Safety, and Market Development/Product Costing.

  • Shared Service Facilities (SSF), which gives mSMEs access to tools, machinery and equipment to help them advance their product development, processing and manufacturing.

The seminar also featured Charito Dator, Provincial Manager of the Public Employment Service Office (PESO), who gave a brief overview of the recruitment services being offered by the agency to entrepreneurs and businesses.

The Usap Tayo, Ka-Biz Seminar was attended by 31 mSME businessmen in La Union, predominantly from the wholesale and retail trade sectors. It was the fifth Ka-Biz seminar to be offered after successful runs in Malolos, Palawan, Davao del Norte and Tagum City.

Bank of Makati will be bringing the Ka-Biz seminar to Rodriguez, Rizal; Naga City, Camarines Sur; Laoag City, Ilocos Norte; and Cagayan de Oro City, Misamis Oriental in the second quarter of 2014. The seminar is being offered for free to participants as part of BMI’s service commitment to micro, small and medium entrepreneurs.