SCCI Obtains PhP73 Million Loan Facility

SEDPI Capital Credit, Inc. (SCCI) was able to obtain a total of PhP73 million loan facility from BPI-Globa BanKO and Cordaid last September. BanKO increased its credit line to SCCI from PhP15 million to PhP50 million while Cordaid increased its loan exposure from PhP10 million to PhP13 million.

Through the increased loan facility, SCCI is poised to almost quadruple its loan portfolio from PhP28 million to PhP100 million by the end of 2010. It is optimistic the projection would be reached due to the strong demand of microfinance institutions for wholesale loans. Edwin Salonga, SCCI’s Chief Executive Officer, says it would need another PhP50 million in fresh just to satisfy the current demand of its existing clients.

Net income is projected to be higher than 2009 due to the increase in loan portfolio while operating expenses are expected to remain flat. SCCI maintains its stellar portfolio quality. The company has not experienced any delinquency since its inception. As such, it continues to enjoy the support of funding agencies and OFW investors. As of September 2010, SCCI has a loan portfolio of PhP75 million.

In an effort to improve its accounting system and boost transparency to the public, SCCI engaged SGV & Co. as its external auditor. SGV & Co. is an affiliate of Ernst and Young and is known as the leader in auditing in the Philippines.

SCCI is the financing arm of the Social Enterprise Development Partnerships, Inc. (SEDPI). It provides wholesale loans to small and emerging microfinance institutions and social enterprises.