The City Government of Tacurong released P75,000.00 to the Balikbayan at Kapamilya Self-Employment Assistance Kaunlaran (SEA-K) Association on December 26, 2012, to serve as seed capital in starting its own micro-finance business.
The said amount was sourced out from the Mayor’s Fund or Supplemental Budget #3, upon a proposal prepared by the City Social Welfare and Development Office and SEA-K.
The Balikbayan at Kapamilya SEA-K is composed of 15 members who are former overseas Filipino workers and family members of OFWs residing in barangays within the city. The association is interested to undertake and manage a sustainable micro-finance business to help augment family income and contribute to the development of their community.
The organization was divided into three groups of 5 members. Each member received P5,000.00, hence the P75,000.00 seed capital. The group shall adopt loan procedures and lending policies as stipulated in the SEA-K scheme.
Project Evaluation Officer Josephine Ubaldo is positive that the group shall be able to generate sufficient savings after paying back the said capital to the LGU. “I believe they will be able to continue and administer their own savings and credit program,” Ubaldo said.
Balibayan at Kapamilya SEA-K agreed on a monthly loan repayment amounting P3,125.00 for 24 months.
Jezereel Louise C. Billano (with report from CSWDO)