Choose the bank to approach.

Generally choose the bank that knows you and understands your business best. It should also preferably be one that is near to your business or home.

• The choice of bank must also be determined by the size and purpose of the loan, as well as the size and status of the business.

• For small loans between P50,000 and P 5 million, approach development banks, savings banks and rural banks. Consider borrowing also from special lending programs for small enterprises such as the SME Unified Lending Opportunities for National Growth (SULONG) Program of the Development Bank of the Philippines, Land Bank of the Philippines, National Livelihood Support Fund, Philippine Export-Import Credit Agency, Quedan and Rural Credit Guarantee Corporation, and Small Business Guarantee and Financial Corporation.

• For bigger loans above P 5 million, approach private development banks, commercial banks and unibanks.