Zero interest loans available for micro, small coops in Davao
Good news for micro and small cooperatives in Davao City: around P2.2 million loan will be made available for nine cooperatives before the year ends.
The Davao City Cooperative Development Office (CCDO) made this announcement as it encouraged micro and small cooperatives to take advantage of funds available for their projects and programs.
But Julius Oxales, chief of the CCDO, said the office hopes to accommodate more cooperatives next year with their proposal to increase to P4.5 million budget for its loans program.
Currently, the office has only P2.5 million for its loans program.
“The City provides financial assistance to micro and small cooperatives, but we need to establish their capacity to pay back. One of the major considerations is their financial stability,” Oxales said.
The CCDO grants loans to 10 to 12 cooperatives annually. A cooperative can borrow between P50,000 to P300,000 without interest.
To avail of the loan program, a cooperative must be financially stable, has been existing for two to three years, and must be accredited by the CCDO. CIO