Being a member of SSS or Social Security System, you can enjoy the benefits of availing the loan programs including the salary and housing loan. But, for those who want to venture in a business or expand an existing one, there are other business loan programs that they can avail such as the ASENSO loan program.
What is ASENSO Loan Program
ASENSO loan program or the Access of Small Enterprises to Sound Lending Opportunities was formerly known as SULONG program. This program was initiated by the GFIs and conceptualized to provide SMEs or the small and medium enterprise the benefits to avail funds. Through this loan program, SMEs can apply for loans using simplified and standardized lending procedures.
Who can avail the ASENSO loan program?
Eligible borrowers include the following:
- The applicant must be a good SSS member-employer
- The business is 60% Filipino owned or registered as single proprietorship, corporation or partnership
- With the current asset of P100 M not including the land value
- The previous year’s income is positive
- The debt-equity ratio after the loan should be 80:20
- The business is not related to trading cigarettes and liquors, imported goods, quarrying, mining and other extractive business
The fund from ASENSO loan program can be used for different purposes. For short term loan, you can use it for as a temporary working capital or for export financing.
For long term loan, the fund can be used for building construction, purchase of equipment and other inventories, purchase of lot and as permanent working capital.
If you will apply for short term loan, you should expect that the loanable amount is 70% of the working capital, but you can avail maximum amount of P5 million. This loan term is payable within a year and should be paid monthly.
Read also: How to Apply SSS Housing Loan for OFW
For long term loan, the approved loanable amount is 80% of the project cost and may also reach the maximum amount of P5 million. It can be paid within five years and 1-year grace period of paying the monthly principal amortization.
The accepted collaterals that you can use if you will apply for ASENSO short term loan include registered/unregistered Chattel Mortgage or Registered Estate Mortgage, Corporate Guarantee, Assignment of Lease Rights and Assignment of PO/LC.
For long term loan, you can use the Corporate Guarantee, Assignment of Lease Rights and Registered/Unregistered CM/REM as collaterals.
If you’re interested to avail this loan program, you can visit any SSS office near you for more information.