About lender
Community Economic Ventures, Inc. (CEVI) operates to provide individuals with support for living their lives to the fullest. As a sustainable microfinance organization, CEVI's objective is to follow the course of encouraging change in the lives of disadvantaged families and communities via the provision of suitable microfinance services with value formation, training, and counseling.
CEVI was founded in 1998 as a micro-enterprise development program and was incorporated in 2000 as a non-stock, non-profit, non-governmental organization. CEVI has provided microfinance services in 16 provinces and 13 cities around the Philippines since its start, with a total of 30 branches.
CEVI began as a micro-enterprise development initiative with the goal of providing more dynamic and sustainable projects. CEVI is a Christian organization that incorporates value formation into its financial and technical agendas to help microentrepreneurs in trading, manufacturing, agricultural, and service-type companies.
The social aim of CEVI is to support the economically active poor by offering relevant and quality microfinance products and services to assist their growth. CEVI has helped thousands of families improve their life by giving better options to access credit and create capital, micro-insurance, and savings. The company also provides consulting services and training (Credit Plus Education Program).
Pros and cons
Although the company acts as a social welfare organization, it is important to assess all its advantages and disadvantages. This will allow you to make a sensible decision before opting for a loan.
Pros
The company offers low-interest loans.
Unlike many business financing lenders, CEVI won’t pull your credit score or look at how long you’ve been in business.
Once you receive a CEVI loan, you can use the funds for just about any business expense.
When you utilize the CEVI lending platform, you’re not limited to one loan option.
Cons
You won’t receive any loan amount unless you promote your campaign and generate enough interest to meet your funding goal.
Depending on the size of your small business loan, CEVI will require you to secure loans from between 5 and 35 people you know.
Compared to other business financing lenders who offer loans for millions of pesos, CEVI loans only go up to ₱50,000.
Even though you won’t pay interest on lender funds, you will be on the hook for interest to local Field Partners if they’re involved in your loan.
Loan conditions
CEVI crowdfunds loans for borrowers that are frequently financially excluded and lack access to alternative fair and affordable sources of credit. Depending on the kind of loan, either a local field partner or the borrower submits the loan data into the system. CEVI's volunteer network then edits and translates loans before they go live on the Internet for lenders to crowdfund.
Funding a loan
Borrowers on CEVI come from a variety of businesses. They might be farmers, artisans, students, retailers, construction workers, or restaurant proprietors. Many CEVI borrowers work numerous jobs in order to support their families. CEVI field partners and trustees assist in the identification and screening of applicants whose loans will be crowdfunded on CEVI.
Individual CEVI lenders do not get interest on loans they fund through CEVI. The company does not charge borrowers major interest, but it does charge certain field partners minor service fees in conjunction with the cash they earn on CEVI's website. CEVI carefully evaluates and analyzes each relationship to ensure that lender support allows partners to serve more borrowers at reduced costs across the board.
CEVI offers short-term business loans of up to ₱50,000 with repayment terms ranging from three and 36 months. The greatest benefit of a CEVI loan is that it comes with a 0% interest rate.
Other loans provided by CEVI include:
Agricultural loan. This loan is intended to provide financial assistance to Pinoy Farmers and Swine Raisers.
Recovery loan. This is intended to restore clients’ productive stocks/assets damaged or lost as a result of Typhoon Yolanda.
Yaman loan. This is intended to support small-scale economic activities
Asenso loan. This loan is good for developed entrepreneurs who want to support their businesses.
Wash loan. This loan is intended for access to safe water, sanitation, and health.