Showing posts with label Rizal Microbank. Show all posts
Showing posts with label Rizal Microbank. Show all posts

Monday, May 20, 2024

Rizal Microbank-Franklin Baker partnership to benefit coconut farmers through quick loans

Rizal Microbank, Inc. (RMB), a subsidiary of Yuchengco-led RCBC, has introduced an innovative financing mechanism with coconut suppliers of Franklin Baker, one of the largest global suppliers of desiccated coconuts. The new scheme seeks to streamline and expedite loan application process for coconut suppliers and farmers.

The partnership enables Franklin Baker suppliers to have access to a reusable source of funds for their business through the Revolving Credit Line (RCL) product offering under the framework of RMB’s Agricultural Value Chain Financing (AVCF) Program. RCL enables verified suppliers and borrowers to loan up to Php10 million.


Loan processing time for Franklin Baker suppliers has been significantly reduced to just one to two working days from the previous one to two weeks. Requirements for loan application have been simplified to include the following: one form of identification for credit report access, a barangay clearance or mayor's permit where applicable, and a statement of account (SOA) for existing loans and/or deposits if available. 

“Our commitment goes beyond partnerships. It's about serving the underserved and making banking truly inclusive for all. By forging collaborations like this one with Franklin Baker suppliers, we're breaking barriers and ensuring that financial opportunities are accessible to every micro and small business, fostering a more inclusive and vibrant economic landscape,” said RMB President Raymundo Roxas.