Learn how to renew your Business Credit Line (BCL) once it expires. This article covers when and why renewals happen, what documents you need, and how to submit them. It also explains what to do if your business ownership or structure has changed.
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Renewal Process & Status
- Validity: All BCLs are valid for about 1 year and expire at the end of June.
- Renewal process: You’ll need to submit updated business documents for reassessment.
- BCL changes: Your credit limit and interest rate may be adjusted.
- Drawdown pause: You cannot make new drawdowns or re-loans until the renewal is completed.
- Results: You’ll receive an email with the outcome, and your Relationship Manager may also contact you.
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Reason: Renewal ensures compliance with our guidelines and those of our investors (including IFC/World Bank).
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Document Submission
- Requirements: The required documents depend on your business type (sole proprietorship, partnership, OPC, or corporation). Check the full list here: Document requirements
- How to submit:
- Send your documents via email or Viber to your Relationship Manager.
- You may also email them to support@firstcircle.com.
- Processing: Our team will coordinate with your Relationship Manager once your documents are received.
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Reminders:
- All submissions are done online (no physical copies needed).
- You may submit a scanned copy of your passbook instead of bank statements.
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Special Cases
- If your business has a change in ownership, please submit the following along with your renewal documents:
- Updated DTI certificate
- Updated BIR registration
- Updated GIS (for corporations) showing the new owner
- If your business is moving from a sole proprietorship to a corporation, additional details are required for credit line renewal. Please provide:
- Business details: Registration number, Entity TIN, Company name, Company type, Industry, Region, Company address, Date registered, Revenue
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Owner details: Last name, First name, Middle name, Birthdate, Email, Mobile number, Role
Note: This will be treated as a new account, and you’ll need to submit updated documents for processing.
- If your business has a change in ownership, please submit the following along with your renewal documents: