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Officials of the Metro Cebu Coopreneurs Surety Fund (MCCSF) plan to launch the incubation facility for micro, small and medium enterprises (MSME) on the first week of May.
Other developments such as infrastructure will be discussed after the elections.
A 2,000-square-meter lot at the South Road Properties (SRP) that Cebu City Mayor Tomas Osmeña promised to donate is the local component of the Credit Surety Fund (CSF) program of the Bangko Sentral ng Pilipinas (BSP).
Cebu City administrator Francisco ?Bimbo? Fernandez, who is chairman of the MCCSF oversight committee, said on Wednesday that the launch of of the facility would coincide with the formal launching of the SRP on May 8.
The CSF was initiated by the BSP. This gives access to loans for small entrepreneurs, who account for 99 percent of the enterprises in the country.
?This all started when the mayor delivered his welcome address during the launching of Metro Cebu Coopreneurs Surety Fund October last year, where he wanted small businessmen in Cebu City to grow and to become billionaire? said Andales Rustia, BSP consultant and chairman of the MCCSF.
Rustia said the mayor introduced the idea of an incubation facility with space at the SRP so that small traders could enjoy what e big businessmen experience.
The incubators would allow small companies start up and operate with the least cost and free them to focus on making their businesses grow.
?Eventually once they can establish [themselves], we can stir more economic activities here like more employment for the Cebuanos,? Osmena said last October.
He cited Singapore as model.
Under the CSF program, small businessmen could rent space in the facility on a monthly basis.
?It is like renting in a hotel. All you needed is there,? said Fernandez .
Last Wednesday, Mayor Osmeña said the land in the SRP was available for the incubation facility.
The CSF is a fund generated from contributions by well managed cooperatives, which also have a sizable capital.
The Cebu provincial government will match the contribution made by cooperatives with a counterpart amount. Other agencies can do the same.
During the MCCSF launching last October, BSP governor Amando M. Tetangco Jr. said the Fund already had P30 million in contributions from different stakeholders including the local government as fund for surety coverage.
