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Manila Bulletin devider Business devider DTI seeks add'l P5 B for MSME loans

DTI seeks add'l P5 B for MSME loans

Published Jul 28, 2020 08:26 pm

The Department of Trade and Industry (DTI) is requesting an additional P5 billion for SB Corporation, the government’s micro lending arm, as more micro, small and medium enterprises (MSMEs) badly hurt by the pandemic need new capital to restart operation.

DTI Secretary Ramon M. Lopez said they would like Congress to include the P5 billion funding for SB Corp. in the proposed Bayanihan 2 economic stimulus package to augment its depleting funds for direct lending to MSMEs.

Lopez said this CARES Program by SB Corp. has very easy terms. It is payable in 12 months with grace period of 6 months or total payment period over an 18-month period. This financing program is also interest-free although it charges a 6 percent service fee.

“P5 billion additional is good enough for now,” said Lopez. Earlier, the SB Corp has allocated P3 billion from the P3 Program for relending to MSMEs. SB Corp had initially P1 billion for relending to MSMEs.

According to Lopez, they have continuously process applications, which hit over P3 billion worth of loans in the past two weeks. He said their financing arrangements with government financial institutions Land Bank of the Philippines and Development Bank of the Philippines for MSMEs loans are almost complete.

Meantime, MSMEs who would like to avail of the CARES loan facility will just have to show one year track record. Micro enterprises are allowed up to P200,000 while the small enterprises can borrow up to P500,000. Loan applications, however, average P100,000 only.          

Borrowers are also required to bring business registration, and just barangay certificate for loans below P50,000.

 SB Corp has also P100 million loan facility for overseas Filipino workers, who need not be existing entrepreneurs. Over 5,000 applications worth P350 million have been approved already.

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