The Muntinlupa City government has granted zero-interest loan assistance to 200 micro, small, and medium enterprises (MSMEs) in the city to help them revive their businesses that have been hit by the COVID-19 pandemic.
Mayor Jaime Fresnedi led a ceremonial turn-over ceremony of the loan assistance amounting to P4.374 million to 200 beneficiaries of Tulong Negosyo’s Batches 132, 133, 134 and 135 last Jan 27 at the Muntinlupa City hall.
Of the total, four local entrepreneurs received P150,000 each, seven got P100,000 each and five beneficiaries were given P75,000 each.
Fresnedi said the city government will continue the local financing program and he hopes to revive the local economy by supporting grassroot players through various programs.
The city government assists local micro-entrepreneurs through the Joint Resource Financing Program’s (JRFP) Tulong Negosyo (formerly Dagdag Puhunan). Muntinlupa is the first LGU to introduce the micro-financing program.
Tulong Negosyo caters to MSMEs and provides micro-finance assistance ranging from P2,000 up to P150,000 depending on the business capital ceiling and payment record of beneficiaries. The program aims to provide additional capital for business expansion for aspiring and established business owners in Muntinlupa.
The program has three categories: Simulang Kapital (SIKAP) Pangkabuhayan with loan application amounting to P2,000 to P5,000; Asenso Loan Program amounting to P6,000 to P75,000; and Maunlad Loan Program amounting to P75,000 to P150,000.
In addition, a Savings Program has been incorporated in the loan assistance to teach clients about the importance of economizing and serve as protection to the clients and the program. Entrepreneurial education through training and other related interventions is also conducted.
Recently, the JRFP has launched a restructuring program extending payment schedules for beneficiaries in a bid to help them recover from losses due to the pandemic.
Due to the limitations in face-to-face transactions, Tulong Negosyo has also implemented online application services and cashless repayment system through Smart Padala and G-Cash.