• Business

    DTI opens P2B loan fund for typhoon-hit MSMEs

    AnyFans Posted on

    By Raffy Ayeng

    Copyright tribune

    DTI opens P2B loan fund for typhoon-hit MSMEs

    As some businesses in the country reel from the impact of tropical cyclones Mirasol, Nando, and Opong, compounded by the southwest monsoon (habagat), Trade Secretary Cristina Roque urged affected enterprises to take advantage of the loan facilities provided by the Small Business Corporation (SB Corp), an attached agency of the Department of Trade and Industry (DTI).“During typhoons, it’s not only residents who are being affected, but also MSMEs. So, through the DTI, business owners can seek our help via the SB Corp’s Enterprise Rehabilitation Fund (ERF). Business owners only need a photo of their damaged businesses, then they can apply,” Roque said in a television interview on Monday.She explained that business owners can borrow between P5,000 and P10 million under the ERF, with P2 billion allocated for the fund.“We have also set aside P2 billion worth for this fund, so in case of calamities such as typhoons and other natural disasters, they can seek our help. The application is online,” she added.Under the ERF, both new and existing SB Corp borrowers may avail up to P300,000, payable in three years. The scheme offers zero interest in the first year and a 1 percent monthly rate on a diminishing balance during the second and third years. Borrowers are also entitled to a grace period of up to six months.The program is open to all MSMEs with operations in areas declared under a State of Calamity by the National Disaster Risk Reduction and Management Council (NDRRMC), provided they have good credit standing.“Their businesses should also be registered and compliant with all government permits. That is all that is needed. We already made it easy for them to avail the loan,” Roque stressed.The NDRRMC reported that nearly one million families across 62 provinces were affected by the recent storms and habagat, with the Bicol Region, Ilocos Region, Western Visayas, and the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) among the hardest hit.A price freeze has already been imposed by the DTI in these calamity-stricken areas, Roque confirmed.The provinces currently under a state of calamity are Dagupan City, Pangasinan; Cagayan; Masbate; Calbayog City in Samar; Kadayangan, Cotabato; and Maguindanao del Sur.

    You Might Also Like