The DBP business loans are also known as micro, small, and medium enterprises loans. It is a way the bank supports Filipino business owners through its Sustainable Enterprises for Economic Development (SEED) program. Additionally, DBP promotes agricultural competitiveness and food security through its Sustainable Agribusiness Financing Program (SAFP). By creating jobs and promoting regional products through these initiatives, DBP also contributes to the prosperity of local communities.

Types of DBP business loans

As mentioned earlier, there are two types of DBP business loans: the Sustainable Enterprises for Economic Development (SEED) and the Sustainable Agribusiness Financing Program (SAFP).

Sustainable enterprises for economic development

This is DBP's overarching initiative for small, medium-sized, and microbusinesses (MSMEs). The SEED Program seeks to increase MSMEs' contribution to long-term economic growth. By introducing alternate methods of securing MSME loans, the initiative also intends to bring MSMEs into the mainstream of banking, increase the Bank's lending reach, and aid in creating employment and income prospects. There are two loan types under this umbrella:

• The DBP response to accelerating MSME recovery.
• Rediscounting line facility for financial institutions.

The sustainable agribusiness financing program

The bank's overarching agricultural sector program is called the Sustainable Agribusiness Financing Program (SAFP). By providing financial support for agribusiness initiatives, the SAFP seeks to promote agribusiness for rural development and enhance the competitiveness and efficiency of farmers and fisherfolk in the nation. The loan is sub-divided into five parts:

• Swine repopulation, recovery, and rehabilitation (Swine R3) credit program.
• Program for sustainable agribusiness financing in the dairy sector.
• Rice competitiveness enhancement fund: Expanded credit assistance for rice.
• Agroforestry plantation program.
• Partnership for inclusive growth and development in rural agro-enterprises.

How to apply for a DBP business loan?

Here are three easy steps to follow if you want to apply for a DBP loan for micro, small, or medium-sized businesses:

1. Discuss your loan proposal for a micro, small, or medium-sized company with a DBP account officer. Consult them, and DBP will evaluate your company's requirements.
2. File your application form and all necessary supporting documentation. DBP will assess and process your application as necessary after submission. If your application is accepted, DBP will inform you in writing and via phone.
3. Open a DBP account if you don't already have one after your application has been approved. After that, everything will be done through your DBP account.

Requirements

The entire loan application requirements and eligibility depend on the type of business loan you want, which will be communicated to applicants during the loan application. Some of the general requirements are:

• Fully completed application form.
• DBP customer record form.
• DBP confidential information sheet.
• Two copies of the borrower(s)' current, valid IDs (government-issued IDs).
• Registration of business forms.
• Business license (from LGU).
• Three years old income tax returns (if applicable).
• Statement of assets, liabilities, and the principal borrower(snet )'s net worth (if applicable).
• Last three months' worth of bank statements (if applicable).
• Business plan with an income statement and cash flow projection included.

Pros and cons

These honest pros and cons are worth checking out if you are interested in a DBP business loan.

Pros

1. The loan covers many business types, which means your business is more likely to be inclusive.
2. DBP covers all the loan requirements and information on its website, so you can know if you are eligible or not without having to visit a bank branch.

Cons

1. There is a very long list of requirements, some of which you must pay extra money for to get.
2. It takes time before your loan application is approved.

How to repay a DBP business loan?

There is not much info from the bank about loan repayment, but most business loans in the Philippines are paid back in fixed or equal monthly payments that include both the principal and interest. Call the bank's customer care at (02) 683-8324 for more information.