The Small Business Corporation, an agency under the Department of Trade and Industry (DTI), is setting up a PHP 1USD 0.02INR 1EUR 0.02CNY 0.12 billion loan facility to support micro and small businesses affected by the COVID-19 pandemic, and cushion its economic impact in the country.
The PHP 1USD 0.02INR 1EUR 0.02CNY 0.12 billion Enterprise Rehabilitation Financing facility will be set under the Pondo sa Pagbabago at Pag-asenso (named COVID19 P3-ERF).
The ERF loan fund is open to micro and small enterprises with at least a year of continuous operation prior to March 2020, and whose businesses suffered a drastic reduction in sales during the ensuing epidemic.
Micro enterprises with asset size of not more than PHP 3USD 0.05INR 4EUR 0.05CNY 0.37 million may borrow PHP 10,000USD 170INR 14,446EUR 162CNY 1,241 up to PHP 200,000USD 3,408INR 288,920EUR 3,246CNY 24,820 and small enterprises with asset size of not more than PHP 10USD 0.17INR 14EUR 0.16CNY 1 million may borrow a higher loan amount but will not exceed PHP 500,000USD 8,520INR 722,300EUR 8,115CNY 62,050.
The loan shall be used to help the enterprise stabilize or recover from its losses. Specifically, the following purposes are qualified: 1) Updating of loan amortizations for vehicle loans or other fixed asset loans of the business, 2) Inventory replacement for perishable stocks damaged, and 3) Working capital replacement to restart the business.
The interest rate shall be at 0.5% per month (discounted basis), and the grace period on payments shall be given until such time that the economic crisis has abated.
SB Corp. will soon release the requirements and guidelines.
source: DTI
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