Small Business Corporation’s (SBC) venture capital program
for SMEs invested P3.5 million in an enterprise producing personal care
products such as lotions, and mosquito repellent sprays including decorative
candles made from citronella oil.
Citronella oil is popular as a 'natural' insect repellent. Its mosquito
repellent qualities have been verified by research, including effectiveness in
repelling Aedes aegypti (dengue fever mosquito).
Research also indicates that citronella oil is an effective
repellent for body louse and head louse.
The enterprise was financed under SBC’s SME-VIP (Venture
Capital and Business Incubation Program) which identifies, selects, nurtures,
and develops business ideas and early stage/start-up enterprises into viable
and competitive businesses.
The investee
corporation, initially started as Mag Creative Crafts Company created in 2005
following its successful entry of hand-made decorative, scented and everyday
candles to retail trade channels. In March 30, 2007, they dropped the name Mag
Creative Crafts Company and changed it to MAG Starlight Industries Inc.
A minimum general objective for the SME-VIP is to produce
successful firms that will leave the program financially sustainable and
standing on its own.
SBC has already invested in five SMEs over five years of its
existence as a program for a total invested funds of almost P15.0 million.
SBC has allocated a P 50 million fund as seed fund for the
equity financing/venture capital program.
She focuses on sales and marketing while overlooking the
production aspect of the company.
The SBC investment in the enterprise is 48% of common shares of the P 8
million total capitalization. Gendrala and her nominees own the balance of the
common shares for a 52 % ownership.The enterprise will have a payback period of about 2-3 years and an internal rate of return (IRR) of 21%
The demand and surge in sales for mosquito repellent
products had increased tremendously over the last decade due to the life
threatening diseases brought by mosquito bites, dengue and malaria. Also, as
consumers are becoming more aware of health and environmental issues, products
with "natural" or "organic" ingredients for home and
personal use are increasing at breakneck speed.
The company was formed several years ago and initially
started as a manufacturer of hand-made decorative, scented and everyday
candles. These products made its way to retail trade channels catering to
middle and high-end markets.
Aside from helping consumers, the enterprise also benefits some 36 families of farmers in the upland areas of Camarines Sur where Gendrala sources her citronella oil. These farmers planted and grew citronella grass and extracted the oil using technology provided by the Department of Science and Technology and supervised by PFEC (Philippine Federation for Environmental Concern) an NGO operating in the province helping farmers acquire a sustainable source of livelihood.
Citronella candles as mosquito repellent was introduced 4
years ago and captured a positive response and continued patronage from
consumers. They have seen the opportunity to expand their product lines in the
home and body care line and they have identified that there is a strong and
great potential along the mosquito repellent category substantiated by
consumers' positive response and increasing demand for citronella candles, thus
the insect mosquito repellent sprays and lotion were born using pure and
natural citronella oil as active ingredient.
The 
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