Getting the start-up capital
There are different possibilities to get ﬁnances for starting up the business: savings and loans. If possible the MBC will help the entrepreneur to get loans for the necessary investment.
The final Business Plan serves as the application for a loan at one of our Micro Finance Partners. A different and supplemental way of getting capital is joining a Savings Group from an early stage on in the MBC process.
The Savings Group gathers once a week and every member in the group deposits his/her savings for that week. The rules about the amount that it saved and the way it is turned into a loan of group members, is determined by the group itself.
Other ways of financing your business:
Micro-Financing in the Philippines
Microfinance is a range of financial services for the poor and low-income clients, particularly micro-entrepreneurs. These financial services can include business loans, savings, and housing loans. You can use the loans to purchase supplies, merchandise, or equipment for your micro enterprise.
To qualify for a regular business loan, a micro-entrepreneur must join a fellowship group near his/her residence. During each meeting the community partners pay their loans, make savings deposits, share successes, and talk about each other’s business and/or personal problems.