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Manila Bulletin devider Philippines devider National devider DTI urges typhoon-hit MSMEs to avail of loan for business rehabilitation

DTI urges typhoon-hit MSMEs to avail of loan for business rehabilitation

Published Oct 25, 2024 06:23 am

Small businesses affected by typhoon Kristine were encouraged to avail of a loan offered by the Department of Trade and Industry (DTI).

Screenshot 2024-10-25 142205.png
DTI Secretary Ma. Cristina Roque (RTVM Screenshot)

In a Palace briefing on Friday, Oct. 25, DTI Secretary Ma. Cristina Roque disclosed that the agency has allotted P2-billion under the Small Business Corporation for the rehabilitation of small enterprises, whose businesses were damaged by the typhoon.

"We have now P2-billion fund for the enterprise rehabilitation financing. So, ang gagawin lang nila (So what they must do), they can email SB Corporation through their email address – sbcorp.gov.ph – and puwede na kayong mag-avail doon (and you can avail of it there). And you will also know kung paano ang mechanics dito (the mechanics)," Roque said.

SB Corp is a government financial institution under the DTI. Its focus is to provide micro, small and medium enterprises (MSMEs) the much-needed access to finance to help them grow their businesses

According to the DTI chief, small businesses affected by the typhoon and were within the path of the typhoon are eligible to avail of the loan, which implements zero percent interest on its first year, and 1 percent interest per month of the second year, and with no principal payment.

Small enterprises can avail up to P300,000 loan.

"Let's take advantage of this para at least makausad tayo (so that we can at least move forward)," Roque told MSMEs.

She further said that the DTI has made the qualifications "not difficult" to cater to many businesses in need of help. They just have to prove that they have a business, and must be part of the areas hit by the typhoon, she added.

Roque also said that the financing program is also open to those who were not affected by a certain typhoon.

"[W]e’re really aggressively loaning out money whether nasalanta or hindi nasalanta (hit by the typhoon or not) especially to the small and medium enterprises. We make the requirements not difficult," she said.

"Actually, wala ‘tong mga (this does not have) collateral e, you just have to prove that you have a business that’s ongoing. And, for this time ‘no, this time you’re part of the region or you’re part of the town na nasalanta ng bagyo (affected by the typhoon)," she added.

Related Tags

DTI MSME SB Corp Tropical Storm Kristine
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