CREDIT SERVICES

Sindangan FACOMA offers a wide variety of standardized Loan Programs designed to meet the specific needs of each client. The following are the General Loan Programs of the Cooperative.

AGRICULTURAL LOANS

Agricultural Loan is intended to help farmers and fisherfolks grow their businesses by providing them additional capital for their Agri-Enterprise venture.
  1. AGRICULTURAL PRODUCTION LOAN (APL) – for farmers and fisherfolk engaged in the production of palay, corn, vegetables and fishing activities.

  2. Micro-Agri Loan Product (MALP) – for farmers and fisherfolk that has a combined source of income from agri-related activities and micro-enterprises.

CACAO PRODUCTION LOAN

The Cacao Production Loan is an agricultural loan product that supplies the demand for cacao seeds and its by-products. Instead of cash, farmers pay their loans with the seeds derived from their harvest. This helps our marginal members in dire need uplift their way of living. Members are given a grace period to pay their loans to begin after three (3) years and to be fully paid after (7) years.

BUSINESS LOANS

Business loans supply the revolving capital of microfinance clients and small and medium enterprises for their particular businesses.
  1. Micro-Enterprise Assistance Loan (MEAL) – for microfinance clients engaged in micro-trading, micro-manufacturing, micro services and micro production.

  2. Small and Medium investment Loan for Entrepreneurs (SMILE) – for graduating micros, Small and Medium Entrepreneurs (SMEs) with a more stable business.

PROVIDENTIAL LOANS

A Providential Loan compensates for the financial gaps due to income insufficiency of members with a regular employment contract, co-terminus, or any other related job status.
  1. LOAN ASSISTANCE FOR SALARIED AND ACTIVE PERSON (LASAP) – for fixed monthly earners either from salary, allotments or pensions who are willing to enter into contract via Memorandum of Agreement (MOA) with their office or agency.

  2. Barangay official Loan Assistance (BOLA) – specifically for barangay officials within the area of operation who are willing to enter a contract via Memorandum of Agreement (MOA) with the concerned barangay.

  3. Pensioner’s Assistance Loan (PAL) – for pensioners with age ranging from 60 to 70 years old for productive, providential, medical and recreational purposes.

  4. Special Educational assistance Loan (SEAL) – for partners who need financial assistance for their students in college. This can also be used to finance the board or bar review and examinations of the children of the coop members.

  5. Motorcycle and Appliance Investments Loan (MAIL) – for members who wish to acquire a motorcycle for transportation convenience, or appliances for home or office use.

EMERGENCY LOAN

An Emergency Loan is a privilege loan product offered to the members of the cooperative based on their Share Capital, Credit Rating, and years of membership. This high priority loan product usually takes 15 minutes to be approved and released for members in need of financing their unforeseen expenses.

CONSUMER LOANS

A Consumer Loan is another privilege loan product for members of the cooperative to fund their goods, products and other expenditures. All consumer loans are interest-free for 30 days and exclusive for members in good standing (MIGs).
  1. Rice Loan. This is a type of consumer’s loan which distributes a specific commodity, rice and corn, for credit.

  2. Fertilizer Loan.This loan product is designed to facilitate the agricultural products and inputs of the farmers’ rice production, corn production, and vegetable growing. Instead of the cash acquired from the Agricultural Loan, the cooperative offers the fertilizer loan to release this specific commodity and avoid spending the cash for other needs.

SINDANGAN FACOMA's credit services aim to provide financial and livelihood support to members. These policies and guidelines serve as a yardstick for the effective, smooth and systematic implementation of its lending activities.


  • Membership should be at least one (1) month
  • Share capital should not be less than Php 1,500 of the applied loan amount

  1. Latest 2x2 picture with name tag
  2. Latest Cedula
  3. Barangay Certification for at least 2 years of residency
  4. Latest Credit Information and Background Investigation (CIBI)
  5. Names of Co-makers
  6. Collateral

The following are general lending principles and lending policies that are applicable to all types of loan products:

Principles
SINDANGAN FACOMA adopts "Zero Tolerance on Delinquency" principle through:

  1. Character and capacity-based lending scheme.
  2. Immediate resolution of past due by arrears while the amount is small and time is still manageable. Close monitoring of loans and acceptance of in-kind payments not on default but on amortization.

Eligibility
  1. Only Members in Good Standing (MIGS) are allowed to avail credit from SINDANGAN FACOMA. Borrowers are evaluated based on their attitude towards savings, Capital Build Up (CBU), community reputation, entrepreneurship, stability and responsibility, and payment behaviour.
  2. Basically, borrowers are selected or qualified as follows:
    • Filipino, of legal age (18-65 years old) and in good health;
    • With existing livelihood, business or source of income;
    • Permanent resident or at least (2) years-resident in the area;
    • Willing to undergo Credit Investigation/ background Investigation (CI/BI);
    • Willing to pay the membership fee, paid and subscribed share capital to SINDANGAN FACOMA;

  1. Character Loan- Payment habit or performance can easily build a borrower's character.

    2. Character (4) areas of Determination:
    • Stability & Responsibilities
    • Entrepreneurship
    • . Repayment Behaviour
    • Community Reputation

  2. Capacity - the capacity to pay off the borrowers to pay obligations at a given time.
  3. Capital - the amount of share capital and other savings deposited with SINDANGAN FACOMA.
  4. Collateral - other items with value that the member may offer. It is either Chattel Mortgaged (CM) or Real Estate Mortgaged (REM).
  5. Condition - Internal and external factors that may affect his/her business condition. Health condition of the borrower is included in this C.

Applicants must have:

  1. Completed orientation on loan policies and processes or a Client Orientation Seminar (COS).
  2. Basic information and individual profile.
  3. Initial capital build-up n at SINDANGAN FACOMA of at least Php1,500.
  4. Initial savings account with SINDANGAN FACOMA of at least Php500.
  5. Duly-signed and filled-up Loan Application Forms.
  6. Php100.00 payment for membership fee.