The Agusan Del Norte and Butuan City Credit Surety Funds will be formally launched today at the newly inaugurated BSP Butuan Branch along J.C. Aquino Avenue, Butuan City. The ceremony will be highlighted by the signing of the Memorandum of Agreement (MOA) among stakeholders headed by Governor Ma. Angelica Rosedell Amante-Matba of the Province of Agusan Del Norte, Mayor Ferdinand M. Amante, Jr. of Butuan City and Governor Amando M. Tetangco Jr. of the Bangko Sentral ng Pilipinas (BSP), the participating cooperatives and partner institutions.
The CSF aims to help cooperatives and micro, small and medium enterprises (MSMEs) gain easier access to credit facilities of banks at relatively lower costs, even without collaterals. It is a trust fund set up from pooled contributions coming from participating cooperatives, local government units and other partner institutions.
The Provincial Government of Agusan Del Norte and the City Government of Butuan pledged to contribute P2.0 million and P5.0 million, respectively, while 18 cooperatives contributed an aggregate amount of P6.1 million to the Fund. The Industrial Guarantee and Loan Fund, Development Bank of the Philippines and Land Bank of the Philippines have also expressed strong support for the CSF Program through their respective contributions to further augment the fund.
The CSF also provides a training program which aims to enhance the capabilities of the participating cooperatives and MSMEs in the areas of financial and risk management, entrepreneurship and business management and credit appraisal and monitoring.