Rizal Microbank Inc. (RMB), a subsidiary of Yuchengco-led Rizal Commercial Banking Corp. (RCBC), said it introduced an innovative financing mechanism with coconut suppliers of Franklin Baker, one of the largest global suppliers of desiccated coconuts.
The new scheme seeks to streamline and expedite loan application process for coconut suppliers and farmers. The partnership enables Franklin Baker suppliers to have access to a reusable source of funds for their business through the Revolving Credit Line (RCL) product offering under the framework of RMB’s Agricultural Value Chain Financing (AVCF) program. RCL enables verified suppliers and borrowers to loan up to Php10 million.
“Our commitment goes beyond partnerships. It’s about serving the underserved and making banking truly inclusive for all. By forging collaborations like this one with Franklin Baker suppliers, we’re breaking barriers and ensuring that financial opportunities are accessible to every micro and small business, fostering a more inclusive and vibrant economic landscape,” said RMB president Raymundo Roxas.