BALANGA CITY — Micro and small enterprises affected by the coronavirus disease (COVID-19) pandemic can borrow up to PhP500,000.
In a virtual press conference, Department of Trade and Industry (DTI) Bataan Business Development Division Chief Connie Sanico said Small Business Corporation (SBC) has started accepting applications for the COVID-19 Assistance to Restart Enterprises (CARES) program.
“This loan program of SBC, which is 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 shared.
Qualified micro enterprises with an asset size of not more than PhP3 million may borrow from PhP10,000 to PhP200,000, while small enterprises with an asset size of not more than P15 million may borrow a maximum of PhP500,000.
“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.
“Submission of applications does not guarantee that they are already approved. We have an evaluation process and an onsite project visit,” she added.
Requirements include application form, government-issued ID, proof of permanent address of the business and other documents needed which vary depending on the category of the application.
Interested applicants may visit https://www.sbgfc.org.ph/programs-and-services/sb-corporation-cares-program for the form and the application process.
“Beware that application form for the loan program is not for sale. This is free and available at the official website of SBC,” Sanico clarified.
Application and necessary requirements can be submitted to the nearest DTI office.