DAVAO CITY, Philippines – Nine micro and small cooperatives in Davao City can avail around P2.2 million worth of loans this year.
The Davao City Cooperative Development Office (CCDO) announced that it welcomes micro and small cooperatives to take advantage of the funds available for their projects and programs.
In a City Information Office dispatch, Julius Oxales, chief of the CCDO, said they hope to accommodate more cooperatives next year with their proposal to increase to P4.5 million budget 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.
Oxales said 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,” he said.
CCDO only has P2.5 million for its loans program and annually grants loans to 10 to 12 cooperatives. (davaotoday.com)