The Nueva Vizcaya Credit Surety Fund will be formally launched today at the Ammungan Hall, Capitol Compound, Bayombong, Nueva Vizcaya. The ceremony will be highlighted by the signing of the Memorandum of Agreement (MOA) among stakeholders headed by Nueva Vizcaya Governor Ruth R. Padilla and BSP Monetary Operations Sub-Sector Managing Director Augusto C. Lopez-Dee, 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 Nueva Vizcaya pledged to contribute P2.0 million while 10 cooperatives in the province committed another P4.3 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 to the CSF Program with their respective contributions to further augment the fund.
The CSF also provides 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.