To help the micro and small enterprises affected by the COVID-19 pandemic, the Small Business Corporation (SB Corporation) will start accepting applications for the COVID-19 Assistance to Restart Enterprises (CARES) Program through its offices in general community quarantine (GCQ) areas starting from May 18.
Micro enterprises with asset size of not more than P3M may borrow an amount ranging from P10,000 to P200,000 while small enterprises with asset size of not more than P15M may borrow loan amount not exceeding P500,000.
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.
Interest rate shall be at 0.5% per month (discounted basis); and grace period of 6 months on principal payments.
Loan applicants may visit the SB Corporation’s website www.sbgfc.org.ph for the application form and submit the accomplished form and requirements to the nearest SB Corporation office or Negosyo Center in areas under GCQ and modified GCQ.
SB Corporation, an attached agency under the Department of Trade and Industry (DTI), said the P1B loan program will help cushion the economic impact brought by the pandemic.
All provinces except National Capital Region, Laguna, and Cebu City started the shift from ECQ to GCQ on May 16 as announced by Inter-Agency Task Force on Emerging Infectious Diseases.
SB Corporation will practice strict workplace safety protocols. Walk-in clients are required to wear face masks and practice social distancing.
On top of this option from the government, you can also apply for a business loan from RFC. You can apply here. RFC is committed to helping you, especially in these trying times.