The first SBCorp certified lending program partner is a food company
Small Business Corp. (SBCorp) and Monde Nissin Corp. have signed a memorandum of understanding (MOA), making the latter the first certified fast-moving consumer goods (FMCG) business partner for SBCorp’s STAPLES program (Sustaining Trade Access to Primary Food and Link to Enterprises).
“STAPLES will offer sari-sari shops that are clients of approved Monde distributors with collateral-free and interest-free loans to assist make small companies more resilient, particularly in the face of the pandemic,” Monde said in a statement on Thursday, 23 September 2021.
SBCorp, the Department of Trade and Industry’s financing arm, is currently inviting large food manufacturers, distributors, and suppliers to become accredited partners for the implementation of STAPLES in order to expand the program’s reach and cater to a large number of sari-sari stores, according to the publicly traded food maker.
SBCorp president and chief executive officer Ma. Luna Cacanando stated in an earlier statement that the company wants to collaborate with major food producers to assist restart, develop, and expand micro, small, and medium businesses (MSMEs) in the food supply chain.
STAPLES is a credit product designed to keep food providers viable while also ensuring food security and affordability in the nation.
When MSMEs in the food supply chain are able to continue functioning, they will be able to retain or rehire their workers and serve their communities.
FMCG food producers must be major businesses with a national network of at least 20 distributors and at least 100,000 sari-sari shops integrated into their salesforce automation system to be certified partners, with yearly sales of at least PHP5 billion.
The approved partner will sign a Memorandum of Understanding with SBCorp that includes promoting the program to its distribution channels and exchanging information about the MSMEs in their supply chain.