- The DTI, through its financial partner SB Corporation, has allotted Php1 billion available for loans for MSMEs
- The COVID-19 Assistance to Restart Enterprises (CARE) program can lend from Php 10,000 to Php 500,000 for a minimal interest
- The program is available on a first come first serve basis due to limited budget
The Department of Trade and Industry has now opened its funding resources through ts financial partner SB Corporation for micro, small and medium enterprises affected by the enhanced community quarantine.
The CEO and president of the SB Corp., Luna Cacanando, said that the agency supports MSMEs economically tumbled by the pandemic through its COVID-19 Assistance to Restart Enterprises (CARE) program. A total of Php 1 billion is allotted, which is available for loans for these businesses.
The loanable amount depends on the category of MSMEs.
For micro-enterprises with asset size of not more than Php 3 million, they may borrow from P10,000 to Php200,000. The small enterprises with an asset size of not more than Php 15 million may borrow from P200,000- P500,000.
There will be a grace period of six months and the enterprise can have a term of 24 to 36 months for a minimal interest of 6% per annum. However, the program is on a first come, first serve basis because of limited funding.
To avail of the loan of not more than Php 50,000, the business needs to secure a barangay certificate, one valid ID and loan application. For loans higher than Php 50,000, borrowers need to submit a DTI business permit, 2019 financial statement, a valid ID and loan application.
For those who would want to apply for the loan, you may send your application to [email protected] or may inquire through SB Corp.’s landline at 8652 3333.
The agency has received 4,000 applications so far.
According to the DTI, more than half of the businesses have entirely stopped their operations due to COVD. With the lifting of the ECQ in some areas, some establishments were allowed to open.