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The Department of Trade and Industry (DTI) is aiming to help more micro and small business owners that are affected by the COVID-19 pandemic through an interest subsidy scheme using the P10-billion microfinancing fund by the Bayanihan 2 for the Small Business (SB) Corp.
To continue rolling out SB Corp’s COVID-19 Assistance to Restart Enterprises (CARES) program and other lending programs, the Bayanihan 2 allocated P10-billion fund for SB Corp., DTI’s financing arm.
“We will carve out PHP1 billion from the PHP10-billion fund to be assigned to SB Corp under Bayanihan 2 as an interest subsidy fund,” SB Corp. president and chief executive officer Ma. Luna Cacanando said.
Related: 5 financing options to get you through the pandemic
In a budget hearing at the House of Representatives last week, DTI Secretary Ramon Lopez said the interest fund would allow SB Corp. to implement its zero-interest loan program to more MSMEs as well as overseas Filipino workers affected by the pandemic.
The CARES program provides an interest-free loan to existing registered MSMEs and beneficiaries only pay a 6-percent service charge and are given a six-month grace period before starting their loan payment.
Marikina 2nd District Rep. Stella Luz Quimbo added that many displaced workers and OFWs have started their own small-scale businesses that would need the help of DTI.
Aside from registered businesses, Quimbo said the government should also assist unregistered micro-entrepreneurs like fishball vendors among others.
Meanwhile, RFC also offers a variety of loan solutions to help your business stay afloat during this challenging time.
RFC is here to help you! Apply for a loan and get approved within 24 hours. Take the next step with RFC today!
Source: PNA
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