CARD Bank believes that the poor is a heterogeneous group that has a variety of financial service needs. Hence it is committed to provide a wide range of services to its clients including loans, savings and micro insurance.

Loan products. To meet the loan requirements of its solidarity group members, CARD Bank’s main lending product in its microfinance implementation is Sikap Loan which is intended for the financing of working capital, business capital of the chosen enterprises of the clients. Its maximum is up to Php150,000.00.

Another type of loans that are intended to client-entrepreneurs who are needing capital as well as to maintain good community relationships in CARD Bank areas of coverage are:

• Sipag Loan intended for non-CARD micro-entrepreneurs using the MABS approach in individual lending.
• Sipag Flex/Term Loan intended for graduate clients whose attendance to center meetings becomes optional.
• Kabalikat, a loan intended for salaried rank and file employees of the municipal offices, schools and companies aimed at helping employees diversify income sources.

 

Savings products. CARD Bank subscribes to the view that the poor can and does save. It also recognizes savings as a readily available cheap source of loanable funds. Hence CARD Bank believes that a strong savings mobilization is essential to its sustainability by lessening dependency on donor grants.

Members are required to deposit P40 (US$0.73) a week as their pledged savings into their Center Fund account. The Center Fund account was previously managed by the members and utilized for on-lending to members for emergency and educational purposes. Currently, it can serve as the members’ equity in the Bank if they decide to purchase shares of stocks or kept as savings, earning not lower than the market rate.

Members of CARD Bank are encouraged to maintain a voluntary (Kayang-kaya) savings account. As a regulated institution, CARD Bank also accepts deposit from the public.




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