Micro-entrepreneurs given the proper opportunities, the
right resources, training, and confidence, are after all good investments.
This was the opinion given by Nestor Custodio, General
Manager, as he described micro entrepreneurs as the reason the Cooperative
Rural Bank of Bulacan (CRB of Bulacan) went into microfinance operations a
decade ago.
While riskier than traditional banking, it was with great
optimism that the CRB of Bulacan ventured into micro finance operations
catering to the needs of the small and low income clients which are largely unserved
by the formal banking sector.
It was the conviction and belief that this unserved market
is a lucrative business opportunity that encouraged the bank to go into micro
finance.
Today, that conviction has not failed expectations. With
more than a thousand depositors and members, it has grown to an asset base of P
1.8 Billion, and a multi-million micro finance loan portfolio that continues to
cater to the needs of the pre bankable entrepreneurs despite the challenges of
a developing economy.
The key to this success according to GM Custodio is the
availability and sustainability of funds.
“Our experience taught us that one of the major reasons why
our micro finance program continues to be successful is because funds are
always readily available to finance the growing businesses of our micro finance
clients.
“SBGFC was there when we needed the financing to meet the
demands of our clients. Through an Omnibus Credit line, SB Corp. was able to
respond quickly whenever we needed the funds to sustain the growing business of
our micro entrepreneur clients, relates Custodio.
“The continued training of our staff and our clients is
likewise a very important aspect in microfinance. Our being sensitive and adaptable to changing
market trends that resulted to a high rate of client retention is also one
important success factor. Our program is able to adjust and develop flexibility
to serve the needs of our clients,” he added.
Indeed, the CRB of Bulacan has contributed in a significant
way in uplifting the standards of living of its beneficiaries. In its own way,
it has touched the lives of the poor through the provision of “affordable,
accessible, and suitable” banking services not usually provided by other banks.
“The bank has created job opportunities in the communities
it serves. Furthermore, since most of our clients are women, we have seen their
transformation into more responsible, assertive and confident members of
society,” concludes Custodio.
Postcript:
The CRBB has been closed by the Philippine Deposit Insurance Corporation last May 23, 2013. A success story for cooperative Rural Banks, the CRB of Bulacan is an example of how a successful financial institution can be demolished by mismanagement and poor governance. We are saddened by its closure, but remain positive that lessons can be learned from its debacle. This blogger will unravel the reasons for its failure and post them so that all can learn from the CRBB story.
Postcript:
The CRBB has been closed by the Philippine Deposit Insurance Corporation last May 23, 2013. A success story for cooperative Rural Banks, the CRB of Bulacan is an example of how a successful financial institution can be demolished by mismanagement and poor governance. We are saddened by its closure, but remain positive that lessons can be learned from its debacle. This blogger will unravel the reasons for its failure and post them so that all can learn from the CRBB story.
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