The Importance of Computer Shops
The rise of computer shops in the Philippines simply shows how influential computer and internet connectivity is to Filipinos – particularly for many students who have been studying online for over 2 years to date. But even before the pandemic, computer shops have already served as an avenue to promote equal computer and internet access in order to bridge the digital divide. Computer shops are places that offer access to computers and the internet for hourly rates – which is highly advantageous to students who do not have computer or internet access at home to attend to their school activities.
Indeed, computer shops have shown to be relevant in any circumstances. A computer shop is a place for both entertainment and knowledge, the reason why many people are so drawn to them. Although mobile phones are useful and are easy to carry, it only provides limited activities and does not support multitasking, whereas computers can provide a broad range of services and enable the user to do things at once.
Business Loans Applicable for Computer Shops
Below are some of the business loans available in the Philippines that entrepreneurs may want to consider should they seek financial help that is applicable for supporting existing computer shops affected by the pandemic or simply wish to establish one:
BPI SME Term Loan
Because of its fast, simple, and convenient transactions, the BPI SME Term Loan is one of the top loan solutions for business owners in the country. This loan is also perfect for working capital, supplier payments, inventory or equipment acquisitions, capital expenditures, and development.
Loan Features
Loan Amount: a minimum amount of ₱300,000
Loan Term: Maximum of five (5) years
Interest Rate: based on the prevailing lending rate
Processing Fee: ₱hp 3,500
Acceptable Collateral: real estate mortgages, deposits, and investments
DTI’s Pondo sa Pagbabago at Pag-Asenso (P3) Program
The P3 Program is offered to self-employed or micro-entrepreneurs who need financial help to keep their business operating. It is a government program designed to encourage many Filipino microentrepreneurs to seek financial help from legitimate lenders rather than loan sharks like 5-6.
Loan Features
Loan Amount: ₱5,000 up to ₱200,000 (depending on the size of the business and capacity to pay of the loan applicant)
Interest Rate: 2.5% per month
Collateral Requirement: None
Bank of Makati Malalapitan Loan
The Bank of Makati Malalapitan Loan provides financial help to self-employed Filipinos to cover various business expenses so their business could develop and thrive. The Malalapitan Loan also includes a BMI Maaasahan Savings Account, where a part of their payment is saved which they can spend once the loan is paid off.
Loan Features
Loan Amount: ₱20,000 to ₱150,000
Loan Term: 3 to 12 months (payable weekly or monthly)
Collateral Required: None
Loan Repayment: any Bank of Makati branch
Rating
4.4/5
Bank of Makati
Apply for loans that fit your needs with high loanable amount and flexible loan terms.
Conclusion
Having a computer shop as a business is a wonderful opportunity that allows business owners to reap many benefits. Not only is it a terrific way to find financing quickly and enhance one’s computer skills, but it also assists others with a job or school-related activities. Those who would like to try their luck with this kind of business must first pick a credible lender and a business loan that best meets their needs to be able to reap the benefits of having a computer shop.
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