Self-employment loans at 3% favor poor folk

Famlies with small-scale enterprises were advised to avail themselves of loans from the Self Employment Assistance- Kaunlaran (SEA-K) in Central Visayas instead of turning to lending firms that charge high interest.

Under the program, a beneficiary could get a loan of up to P10,000 to be used as business capital.

“Most of our beneficiaries are economically active so they already have the skills to sustain their business,” said Rizalina Patindol, SEA-K project development officer.

Beneficiaries of the project of the Department of Social Welfare and Development (DSWD) are screened after they are recommended to the project by the local government.

Patindol encouraged residents to try the SEA-K program to borrow borrow money at only three percent interest which would be paid back in two years.

Patindol said that the next level of SEA-K is a housing program which offers housing loans for P30,000 to P50,000.

Booths with local food products like rice cakes, chicharon, organic vegetables from the mountain barangays of Cebu city and bags made of recycled materials were displayed.

Nida Mahinay, a person with disability and a beneficiary of SEA-K from Carcar city, made snacks like rice cakes from the P5,000 capital she received from the DSWD.

She said her earnings augments the family’s income since her husband, a fisherman, was not earning enough to support their three children.