Female entrepreneurs cite lack of access to finance barrier to business opportunities

MANILA, 10 March 2017 – BusinessWorld reported that four out of every women want to start a good business opportunity but the barrier is the lack of knowledge on when to start on their preferred business platform and access to finance.

 

Lending Opportunities through CIS

Fortunately, these aspiring Filipina entrepreneurs will have more chance on accessing better lending opportunities with the help of Credit Information Corporation (CIC) - a government-owned and controlled corporation that was created by 2008 under the Republic Act No. 9510 or Credit Information Systems Act (CISA), and has the mission of building a centralized, comprehensive, fair and reliable credit information for all Filipinos.

Through its Credit Information System (CIS) which contains the basic credit data of Filipinos, an objective credit report will be produced and has the ability to evaluate the creditworthiness of a potential borrower.

When launched, the CIC's CIS is expected to diminish presenting of collateral for a potential borrower to be considered for a loan, instead, the borrower's payment behavior or creditworthiness will be considered through the credit report from the CIC.

Prompt payment of postpaid cellphone bills and loans with financial institutions such as banks, finance and leasing companies, insurance companies and cooperatives is seen as proof of creditworthiness.

Thus, such advancement will lead for the best business opportunities for every Filipina, whether they may be interested in a franchise, distributorship opportunities or any business they are eager to build and manage.

 

Check Credit Report

CIC’s credit information system will be in beta testing phase from May until December 2017. During this time, all Filipinos are highly encouraged to update their credit records with their respective banks in order to improve the quality of CIC’s database.

Credit reports will be available for purchase from CIC’s special accessing entities beginning January 2018. These companies are CIBI Information, Inc. (CIBI), CRIF Philippines (CRIF), Compuscan Philippines (Compuscan), and TransUnion Information Solutions (Transunion).