Loans for Business owners under the COVID-19 Assistance to Restart Enterprises (CARES) Program
[ Credits: Ilo-ilo Metropolitan Times ] The COVID-19 Assistance to Restart Enterprises (CARES) Program

The health protocols and curfew have been set by the government to decrease the number of transmissions of the coronavirus. Lockdown has been implemented in the first few months but it severely affected the small business owners and led them to be nearer to closing down. Their capital or funds from their business has been sloping down and sales are decreasing.

The P3 CARES or COVID-19 Assistance to Restart Enterprises (CARES) Program has been implemented by the Small Business Corporation under the Department of Industries (DTI). Around MIMAROPA Region, there are over P28M to micro, small, and medium enterprises (MSMEs) in the region through the Small Business (SB) Corporation’s P3 CARES Program that needs approval. The SB Corporation is a financial arm of DTI.

From January to March 2021, there have been 213 loan applications and has an approved amount of P28,939,293.33 through DTI MIMAROPA’s provincial offices and Negosyo Centers. There are 46 applicants of loans in Marinduque amounting to P2.9M, 47 from Occidental Mindoro that valued at P5.5M, 54 from Oriental Mindoro that has P14.6M, 60 loan applications from Palawan value of P3.6M, and 7 approved loan applications from Romblon that amounts to P466,000.

One of the loan applicants, Ms. Carmelita Rejano Reyes, who owns a bakery in Marinduque borrowed P400,000 from the Program. According to her, the financial Assistance has helped her to process and back to production in her bakery and provide her employees to generate income amid the pandemic.

The DTI MIMAROPA Regional Director Joel B. Valera said that “Kasangga namin ang SB Corporation sa pag-tulong sa ating mga MSMEs na matinding naapektuhan netong COVID-19 pandemic sa pamamagitan ng P3 CARES Loan Program. Moreover, our help doesn’t stop there since we also provide the business development services so they can fully utilize and mapalago yung granted loan.”.

The micro-enterprises may borrow P10,000 to P200,000 and will not be more than P3M. As for the small enterprises, they can borrow P500,000 and must not exceed P15M.

The SB Corporation was partnered with DTI’s regional offices and Negosyo Centers to assist the walk-in loan applicants but announced that the applicants need to undergo an assessment prior to the approval of financial aid. The qualified applicants must have a business that has been around for at least 1 year.

Interested loan applicants could go to the nearest DTI MIMAROPA Provincial Office or Negosyo Center for inquiries. Aside from these offices, they can also visit the SB Corporation’s website at www.sbgfc.org.ph for applications online. Through this program small and micro enterprises can have financial assistance that could help them regain their business, and give aid to their employees. They can start all over again and improve their business as well as marketing strategies

References

palawan-news.com
sbgfc.org.ph


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