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Manila Bulletin devider Business devider Trade & Industry devider SBCorp opens loan program for Typhoon Carina-affected MSMEs

SBCorp opens loan program for Typhoon Carina-affected MSMEs

Published Aug 29, 2024 06:14 am

State-run Small Business Corp. (SBCorp) has unveiled a special loan facility to provide financial assistance to micro, small, and medium enterprises (MSMEs) affected by Typhoon Carina.

In a statement on Thursday, Aug. 29, SBCorp, the financing arm of the Department of Trade and Industry, announced the launch of the Enterprise Rehabilitation Financing (ERF) program.

SBCorp said the loan facility is aimed to support the recovery and rebuilding efforts of affected MSMEs, helping them regain their footing in the wake of the disaster.

“We understand the challenges businesses face as they work to rebuild and resume normal operations after the devastating impact of this typhoon, that surpassed even the rainfall record of Super Typhoon Ondoy,” Robert C. Bastillo, SBCorp president and chief executive officer said.

“This emergency fund, offering concessional terms not currently available in the market, aims to finance the immediate needs of MSMEs. These needs include the repair and replacement of damaged fixed assets and inventories, operational disruption, and revenue loss,” he added.

New and existing SBCorp borrowers can access loans of up to P300,000, with flexible repayment options spread over three years. A three-month grace period is also available for those needing temporary relief from payments.

For the first year, loans will be interest-free, while a rate of one percent per month based on the diminishing balance will apply during the second and third years.

MSMEs in the following regions are eligible to apply for the program: National Capital Region, Ilocos Norte, La Union, Bataan, Pampanga, Bulacan, Tarlac (Camiling), Cavite, Rizal, Laguna (Mabitac), Oriental Mindoro (Pinamalayan and Baco), Romblon (San Andres), Zamboanga (Tambulig), Davao Occidental (Jose Abad Santos and Trinidad), and Cotabato (Kabakan and Pikit).

“Our existing borrowers who are current in their loan repayments and have yet to fully reach the P300,000 loan cap can quickly access this facility without needing to submit any documentary requirements,” Bastillo said.

For loans above P100,000, new borrowers are required to present either their Mayor's Permit or Barangay Micro Business Enterprise (BMBE) Certificate. For loans of up to P100,000, a Barangay Certification is sufficient.

Additionally, all new borrowers must furnish a government-issued ID, evidence of a bank or e-money account, and relevant corporate documents if applicable.

SBCorp is receiving loan applications through the loan portal until September 2024.

Related Tags

SB Corporation MSME micro small and medium enterprises
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