DTI launches ₱1-billion women's enterprise fund for MSMEs
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DTI Secretary Cristina Roque (DTI photo)
Women-led micro, small, and medium enterprises (WMSMEs) are now eligible to avail of loans of up to ₱20 million following the official launch of the Women’s Enterprise Fund.
In a statement, the Department of Trade and Industry (DTI) said the loan program launched on Friday, June 27, setting the stage for the government to empower WMSMEs by improving their access to business financing.
DTI Secretary Cristina Roque earlier told reporters that Small Business Corp. (SB Corp.) will allocate ₱1 billion for the fund.
SB Corp., the financing arm of the DTI, will provide loans ranging from ₱30,000 up to ₱20 million under the Women’s Enterprise Fund.
The loan will have a one percent monthly interest rate based on a diminishing balance.
The repayment terms of which will be up to five years with an option to avail of a grace period for specific financing windows.
A collateral, which is a valuable asset pledged as security for the loan, will only be required for loan amounts exceeding ₱5 million.
Interested WMSMEs can avail of the loan for business needs, including franchising, purchase order financing, business expansion, and recovery assistance.
“Women are a vital driving force in our economy. In fact, more than half of newly registered businesses are owned or led by women,” said Roque.
“By providing accessible loans, we are empowering them further to grow their enterprises and create lasting opportunities for their families and communities,” she added.
SBCorp. President and Chief Executive Officer (CEO) Robert Bastillo said the state-run firm has so far disbursed more than ₱8 billion in loans to WMSMEs.
Under the SB Corp., those who want to tap the fund must submit a business permit, a government-issued ID, proof of a bank account, photos of the business, and relevant corporate documents if applicable.
This year, SB Corp. has allocated ₱10 billion in funding for the loan programs of MSMEs.
Its financing programs include business expansion, purchase order, franchising loan, wholesome loan, and enterprise rehabilitation, among others.