The Bangko Sentral ng Pilipinas (BSP) has standardized the micro, small, and medium enterprise (MSME) business loan application form of BSP-supervised financial institutions (BSFIs) as part of its broader efforts to enhance the availability of financial products and services and foster greater financial inclusion.
BSP Circular No. 1156 issued on 30 September 2022 provides a borrower-centric Standard Business Loan Application Form (SBLAF) that makes the MSME loan application process more streamlined, transparent, and efficient.
The SBLAF is likewise expected to help MSME borrowers better familiarize themselves with the loan process and find formal loan applications less intimidating.
For BSFIs, SBLAF adoption can facilitate faster loan processing and the use of digital loan application platforms. For credit registries, the SBLAF can support data requirements for efficient and effective credit information services.
The introduction of an SBLAF for MSMEs was one of the initiatives identified by the MSME Development Council – Access to Finance Cluster where BSP serves as a member.[1] The SBLAF templates were developed in close coordination with the technical working group composed of key stakeholders in MSME finance from relevant banking associations and government agencies.[2]
The mandatory adoption of the SBLAF took effect on October 28, 2022, or fifteen (15) calendar days following the required publication of the circular on 13 October 2022. Covered entities are given eighteen (18) months from said effectivity date to fully comply with SBLAF requirements.
The BSP continues to promote financial inclusion by widening the access of MSMEs to financial products and promoting a regulatory environment that is responsive to their needs.
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