DTI offers P.5M loans to micro firms affected by COVID-19

BALANGA CITY, Bataan-- The Dept. of Trade and Industry headed by its director Nelin Cabahug offered soft loans of up to P500,000 to Micro and small enterprises affected by the coronavirus disease.

In a first ever virtual press conference with local newsmen here Thursday, DTI Bataan Business Development Division Chief Connie Sanico stressed that Small Business Corporation (SBC) has started accepting applications for the COVID-19 Assistance to Restart Enterprises (CARES) program.

“This loan program of SBC, an attached agency of DTI, aims to restart business operations that are severely affected by the COVID-19 crisis as part of the Enterprise Rehabilitation Financing under the P3 Program (Pondo sa Pagbabago at Pagasenso],” Sanico pointed out.

Qualified micro enterprises with an asset size of not more than P3 million may borrow from P10,000 to P200,000, while small enterprises with an asset size of not more than P15 million may borrow a maximum of P500,000.

“The loan program offers zero percent interest, but there is a six percent service fee for a one-year retainment period, while eight percent service fee for two years of retainment period,” Sanico clarified.

Moreover, she stressed that all applications will undergo validation from the P3 coordinator, wherein an actual visit will be conducted to prove that the business is existing.

Interested applicants may visit https://www.sbgfc.org.ph/programs-and-services/sb-corporation-cares-program for the form and the application process.

“Application form for the loan program is not for sale. This is free and available at the official website of SBC,” Sanico clarified.