The Land Bank of the Philippines (LandBank) is encouraging businesses to take advantage of its Community Assistance and Reintegration Support (CARES) Plus lending program, designed to support local enterprises in recovering from economic challenges and natural disasters.
According to LandBank Pampanga Lending Center Head Alvin Dioscoro De Leon, the program provides affordable financing options for micro, small, and medium enterprises (MSMEs), cooperatives, and corporations. Loans can be used for working capital, equipment purchases, business expansion, or recovery efforts.
“This initiative aims to help businesses restore operations and grow despite setbacks. Electric distribution utilities are also eligible, provided they ensure electricity rates remain stable for the public,” De Leon explained.
Borrowers can avail of up to 80% of their project costs for repairs or capital expenditures. For electric utilities, loans can cover short-term working capital needs for generation and distribution expenses.
To ensure fairness and prevent fraud, LandBank conducts thorough evaluations, including appraisals, document reviews, and site visits, to match the loan amount with the borrower’s cash flow and repayment capacity.
The CARES Plus program offers a competitive 7% annual interest rate, with repayment terms of five to 10 years. Payments can be scheduled monthly, quarterly, or semi-annually, depending on the business’s financial flow. Loan proceeds are disbursed through LandBank accounts, which are easy to open online using the LandBank Data On-Boarding System (DOBs).
Businesses affected by calamities or disasters have up to two years from the declaration of a state of calamity to apply for loans. Interested borrowers can visit the nearest LandBank lending center for assistance and guidance on requirements.
LandBank assures the public that funds are readily available to support businesses, especially following recent typhoons. De Leon also reminded clients to remain vigilant against scammers, advising them never to share sensitive banking information such as OTPs, CVVs, or online banking credentials.
For more information, visit www.landbank.com or follow LandBank’s official social media pages.
