Security Bank offers flexible business loan options tailored to help applicants' businesses grow.
Types of Security Bank business loans
This company offers two types of business loans: the business mortgage loan and the business express loan.
Business Mortgage Loan
The Security Bank business mortgage collateral loan can be extended for 20 years up to ₱30m if you have the collateral to support it. Employed individuals may also apply. The minimum loan amount is ₱1,000,000, with the maximum being ₱30,000,000. The term could be up to a maximum of 20 years, depending on the bank's valuation of your collateral.
Requirements for a business mortgage loan
To apply, the applicant must be over 21 years old. Their business must be registered as a corporation, partnership, or sole proprietorship with the Securities and Exchange Commission or the Department of Trade and Industry. It should also be operational for at least three years. If they are employed, they should earn a minimum of ₱50,000 every month. Apart from that, you will be required to submit the following documents.
Documents
A clear copy of one government-issued ID.
Letter of authorization.
Audited financial statements of two years
Articles of partnership, SEC certificate, and partnership resolution, whichever is necessary.
A mayor's permit (if applying as a startup or if the company is operating for less than three years)
If applying as a partnership or corporation, submit a company profile, including history, founders, and notable executives
Employed applicants have to submit an employment contract, certificate of employment and compensation (COEC), most recent three-month pay stubs, or most recent ITR (BIR form 2316), SBC CI Unit's Employment Verification (EV). Special Power of Attorney, if OFW (SPA)
Business Express Loan
Security Bank SME business loans offer minimal documentation, quick approval, and auto-crediting of funds, making it suitable for your growing business. The minimum loan amount is ₱1,000,000, and the maximum loan term is ₱5,000,000. The loan payment terms are 12, 18, 24, and 36 months.
Requirements for a business Express Loan
The companies for whom the loan will be requested must be legally authorized to conduct business in the Philippines. They must be operating profitably for three years. They must not have any outstanding debt exceeding 40% of the company's monthly revenue. Apart from that, the loan application will require the following documents:
Documents
Duly filled application form ready for submission.
Two copies of current photo IDs from the primary applicant, owner, or authorized signatory
Newest ITR bearing a BIR stamp
Audited financial statements for the most recent (1) year
Current three-month bank statement
GIS and legitimate DTI/SEC registration documentation depending on your occupation.
List of clients/suppliers and information about their transactions (The bank will require the following papers before loan booking:
Board or Partnership Resolution (authorizing signatory for accounts and loan, credit investigation on both the business and owners)
Clients will receive templates at the application time to help them prepare for the loan decision, including a Continuing Suretyship Agreement (for corporations).
Mayor's or valid business permit
How to apply?
With these easy steps, you can get a business loan from Security Bank.
You can apply by downloading the business loan application form from their website, and submitting it at a nearby branch after you fill out the necessary details.
After submission, you can track application status through SMS updates.
You will also receive an email confirmation for approval details
Pros and cons
Before deciding whether to apply for a business loan, applicants should constantly weigh the advantages and disadvantages of doing so.
Pros
It might hasten the expansion of your company.
It can be applied to resolve cash flow problems.
You can use the loan calculator to determine the potential cost of your loan.
Cons
If you get behind on payments, you risk losing assets.
Substantial credit is a requirement for you.
Term flexibility is lacking.
How to repay?
Security Bank business loans can be paid through ADA or over-the-counter payment. Customers can also deposit post-dated checks in the bank, which may be withdrawn from time to time to complete payments. If you miss your payment, you'll be charged a late payment penalty of 6%.