An Act Institutionalizing Microfinance Programs and Access to Capital to Support and Grow Micro, Small, and Medium Enterprises (MSMEs), Allocating Funds Therefor, and for Other Purposes

This bill shall institutionalize a loan program with a simplified process and with low interests that can provide members of the working class in need of capital with sufficient funds to start their own businesses. The measure provides for a program where: 1) requirements for loan applications and approval are very basic, and there is no collateral requirement; 2) loan proceeds are exclusively used for capital; 3) Interests are very close to prevailing bank rates; 4) the lenders have a pragmatic collection mechanism; and 5) the mode of payment is on a daily or weekly basis.