Geraldine Noog, Ilocos-based supplier of lumber and construction materials, knew how growing a business is not an easy path, but that did not stop her from striving for entrepreneurial success. One challenge faced by Geraldine was how to manage cash flow and payments from suppliers. Using cash for her business transactions was cumbersome, and it was difficult and time-consuming to keep withdrawing cash to fund supplier payments.
By opening a checking account, she was able to handle supplier payments more efficiently. She was able to have more flexible payment terms with various suppliers, and as her business grew, she began saving again, enabling her to supply lumber and construction materials to more contractors.
As Geraldine’s business grew, limited capital hampered her ability to expand further. A significant boost came when Geraldine availed of an MSME loan. This loan allowed her to build a bigger warehouse, increase her inventory, and more effectively meet the demands of local contractors.The loan was a game-changer, enabling Geraldine to supply larger orders and secure more contracts. Her business has since flourished, providing steady employment for residents and significantly contributing to the community’s economic growth.Geraldine’s journey is a testament to the empowerment of using the right financial solutions.
Geraldine also benefited from availing of affordable micro insurance. For just P500, she got life insurance coverage for a whole year, providing her with financial security against unexpected events, ensuring stability and continuity. “The micro insurance gave me peace of mind. I do not have to worry about my six children if I get ill or something unexpected happens,” she said.
STO. DOMINGO, ILOCOS SUR. Geraldine Noog’s Lumber and Construction supply business flourished through BDO Network Bank’s financial solutions.
Geraldine, who has an accounting degree, effectively manages her business finances using her skills. “The bank’s support allowed me to use my skills to grow our business,” she added.
BDO Network Bank’s customized financial solutions have been instrumental in Geraldine’s business success and the growth of other small and medium enterprises, highlighting the potential impact of accessible banking services on local businesses.
For more information on BDO Network Bank’s products and services, visit their official website at www.bdonetworkbank.com.ph, Facebook page at https://www.facebook.com/BDONetworkBankPH, or the nearest branch.
