The Department of Trade and Industry (DTI) has sought to double the budget of SB Corp. for 2021 to P3 billion on top of the P10 billion given to the agency under the Bayanihan to Recover As One.
DTI Secretary Ramon Lopez said at the Senate budget hearing Monday that funds channeled this year to micro, small and medium and enterprises (MSMEs) will ensure their survival but financing by 2021 will help them get back to growth path.
“We need to help MSMEs. We will use up allocated for P10 billion this year in line with their needs,” Lopez said.
SB Corp. is set to download the amount by October the P10 billion allocated for MSMEs, and process applications using a more streamlined system, including automatic approval.
Lopez said SB Corp. approved loans of up to P1.3 billion as response to MSMEs affected by the pandemic and needs more by next year.
SB Corp. president Luna Cacanando said in the same hearing the agency has adjusted the guidelines of the COVID-19 Assistance to Restart Enterprises program to allow the automatic approval of loans amounting to P1 million for medium enterprises, P500,000 for small and P100,000 for micro.
Loan processing will also be done online.
Aside from micro financing, SB Corp. will continue holding seminars on product development, design and value-added assistance.