PFA 2010 Franchise Expo: What if I Do Not Have The Money?? Super-BPI to The Rescue!!!

What I highlighted are only franchises that I personally might be able to afford although I said might as I will need some Financing unless I mortgage my house, my car and my magazines. . . Joke.

But the truth is, for the small small business entrepreneur, there were no franchises for less than P50,000. What I featured are usually more than P200,000. If you go for the Blockbuster Mang Inasal, which is supremo now in the franchise world, the franchise fee alone is P1.5 million I think.

So what are we to do? Well you will still need some equity but there is a bank that is willing to take some risk and HELP THE SMALL BUSINESS ENTREPRENEUR with no track record and no collateral requirements (unlike the government-owned Small Business Corp that requires both) and am talking about the BANK OF THE PHILIPPINE ISLANDS and its sister-company the BPI-FAMILY BANK.

I had a great talk with Mr. Jomel Cruz and Gerald Rivera and both gave me hope of owning my future DREAM FRANCHISE. Jomel spoke about BPI's Ka-Negosyo Business Loan. With a tie-up with the Philippine Franchise Association, they are willing to finance franchise purchases of from P500,000 to P1.5 million at only 14% (that's LOW by 5-6 standards of 10%-20% per month) with no collateral. Rates can be negotiated lower if you have Time Deposits with BPI on a Back-to-back Arrangement.

But what if you do not need P500,000. You are eyeing Dunkin Donut at P200,000 only. You cannot get a Ka-Negosyo Loan but there is still hope, We now move over to Gerald and he has the BPI Personal Loan Facility for loans of from P20,000 to P500,000 with available terms of 1, 2 and 3 years to pay at get this, only 1.2% per month (or 14.4% per annum).

BPI Jomel was right that I cannot find a lower rate among the banks. There was another bank in the Expo offering 1.7% and a host of requirements. BPI should be able to approve your loan application within 5 working days and that is because of their tie-up with PFA.

So, there you are, small business entrepreneur, WE NOW HAVE A CHANCE!!! As they say, THE BALL IS IN OUR COURT on what to do nex.