In case you haven’t read or heard, the Philippines’ Department of Trade and Industry (DTI) through its arm, Small Business Corporation (SB Corp.) has a loan program specific to businesses affected by the COVID-19 crisis.
More about SB Corp. and its mandate can be read here.
The program is called “CARES” for “COVID-19 Assistance to Restart Enterprises”. It is a Php 1 billion Enterprise Rehabilitation Financing (ERF) facility under the Pondo sa Pagbabago at Pag-asenso (P3) program to supoprt micro and small businesses affected by the economic impact of COVID-19 in the country.
The CARES’ Objectives are:
- Save Employment
- Encourage Innovation
- Restart MSMEs
See below the requirements needed to avail of the MSME Loan Assistance program.
Qualified Borrowers:
- Must be 100% Filipino-owned micro or small enteprises
- Must be 1 year in operation prior to 16 March 2020
- Has been affected by the imposition of ECQ, and
- Has an asset size of not more than Php 15.0 million
Loanable Amounts:
- Micro enterprises with asset size of not more than Php 3.0 million may borrow Php 10.0 thousand up to Php 200.0 thousand.
- Small enterprises with asset size of not more than Php 15.0 million may borrow a higher loan amount but not to exceed Php 500.0 thousand.
Interest Rate and Grace Period:
- 0.5% per month (discounted basis) with 6 months maximum grace period on principal repayment.
Loan Payment Terms:
- 12 months to a maximum of 24 months (exclusive of grace period).
Loan Requirements:
Mandatory Requirements for All Borrowers
- Fully-accomplished Loan Application Form that can be downloaded here.
- One (1) Government-issued ID with picture
- Proof of permanent business address
For Loans Php 10,000 to Php 50,000
- Should have physical assets (e.g. food cart, simple equipment, inventory)
- Barangay Business Certification/Permit
More than Php 50,000 and up to Php 150,000
- DTI/SEC Business Registration
- Barangay Business Certification/Permit
More than Php 150,000 and up to Php 200,000
- DTI/SEC Business Registration
- Mayor’s Business Permit
- Post-Dated Checks (PDCs) to be submitted of course only if your application has been approved
More than Php 200,000 and up to Php 300,000
- DTI/SEC Business Registration
- Mayor’s Business Permit
- Post-Dated Checks (PDCs) to be submitted of course only if your application has been approved
- 2019 Financial Statements
More than Php 300,000 and up to Php 500,000
- DTI/SEC Business Registration
- Mayor’s Business Permit
- Post-Dated Checks (PDCs) to be submitted of course only if your application has been approved
- 2019 Financial Statements
- BIR Certificate of Registration (BIR Form 2303)
Submission of Documents
You may submit your accomplished application forms together with your loan requirements to any of our offices nationwide or to the nearest DTI Negosyo Center.
Click here to view complete list of SB Corp Offices Nationwide
For more information
You can contact SB Corp. directly at Toll Free Hotline at 1-800-10-651333 or E-mail at P3@sbgfc.org.ph or sbcorporation@sbgfc.org.ph
Sources:
SB Corp P3 Facebook Page at https://facebook.com/PondoSaPagbabagoAtPagasenso