SSS BUSINESS LOAN REQUIREMENTS: List Of Eligibility Requirements

List of SSS Business Loan Requirements for “Business Development Loan Facility”

SSS BUSINESS LOAN REQUIREMENTS – Here is a list of the eligibility requirements for the Business Development Loan Facility of Social Security System (SSS).

Aside from the SSS Salary Loan, the Social Security System also offers loan for members who want to expand their businesses. One of them is the Business Development Loan Facility.

Under this loan offer, the member-applicant may apply at accredited participating financial institutions (PFIs) which include certain banks like the BDO Unibank and the Land Bank of the Philippines.

Are you interested in applying for Business Development Loan Facility? There is a short list of SSS Business Loan requirements with regards to eligibility for this loan.

Based on the official website of the Social Security System, the eligible borrowers for the Business Development Loan Facility are new or existing private enterprises and industries.

According to the social insurance program, these private industries or enterprises must qualify to the following SSS Business Loan requirements for eligibility to the Business Development Loan Facility:

Single proprietorship, Partnership or Corporation, at least 60% Filipino owned, including cooperatives and non-governmental organizations;
Engaged in any business activities allowed/registered under the Philippine laws such as but not limited to the following:
- Agri-Business – contract growing, aquaculture
- Food Processing – rice mill, oil mill, feed mill, meat processing, etc.;
- Manufacturing – garment, ceramics, textile, furniture, construction materials
- Commercial Production – particularly of food and basic consumer items and products for export
- Service-Oriented Enterprises – transportation, warehousing, utilities, communications, etc
- Tourism Related Projects – hotel, resort, theme park, etc.
- Real Estate Development Projects – industrial estate development
- Sustainable Energy Projects – construction of green building, waste management system, sewerage treatment plant, etc.
- Extractive Industries – mining, quarrying, dredging, oil and gas extraction projects
- Forest Development Projects – plantation, reforestation, regeneration and other forest-related projects
- Trading Business
- Leasing/Lending Business
Have proven track record of profitability for existing enterprises; provided that if the company incurred losses in any year during the past three (3) years, the average income of past two (2) or three (3) years should be positive. The three (3) year track record of profitability may be waived for enterprises which started operations during the last five (5) years. In any case, the borrower should be able to justify projection of viable operations with debt-equity ratio not exceeding 3:1 after financing; and
Must be an SSS member-employer in good standing.

Based on the official website of SSS, the Business Development Loan Facility could be for the purpose of site development, enhancement of the existing facilities, building construction or repair, or for working capital.

Furthermore, you can also apply for it for the purpose of acquisition of equipment, existing facilities, and land.

Thank you for visiting our website. We hope we have helped you with regards to your application for SSS Business Loan. You may keep coming back for more informative guides.

READ ALSO: