Food firm 1st SBCorp accredited partner for loan program

Food firm 1st SBCorp accredited partner for loan program

CEBU CITY – State-run financing firm Small Business Corp. (SBCorp) and Monde Nissin Corp. have signed a memorandum of agreement (MOA), making the latter the first accredited fast-moving consumer goods (FMCG) company partner for its Sustaining Trade Access to Primary Food and Link to Enterprises or STAPLES program.

“STAPLES will provide sari-sari stores who are customers of authorized Monde distributors access to collateral-free and interest-free loans to increase their working capital and to help make small businesses more robust especially in the face of the pandemic,” Monde said in a statement on Thursday.

The publicly listed food maker said SBCorp, the financing arm of the Department of Trade and Industry, is currently inviting large food manufacturers, distributors, and suppliers to become its accredited partners for the implementation of STAPLES to expand the reach of its program and to cater to a substantial number of sari-sari stores.

In an earlier statement, SBCorp president and chief executive officer Ma. Luna Cacanando said they want to work with large food manufacturers to help foster the restart, strengthening, and growth of the micro, small and medium enterprises (MSMEs) in the food supply chain.

STAPLES is a loan product that aims to keep food suppliers afloat and maintain food sufficiency and affordability in the country.

MSMEs in the food supply chain will also be able to retain or rehire their employees, and serve their communities when they are able to continue operating their businesses.

To be an accredited partner, FMCG food manufacturers must be large enterprises, have a nationwide network of at least 20 distributors and at least 100,000 sari-sari stores digitized into their salesforce automation system, and have at least PHP5 billion in annual sales.

The accredited partner will sign a MOA with SBCorp to include the marketing of the program to its channels of distribution and the sharing of information relative to the MSMEs in their supply chain. (PNA)

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