SBCorp approves 26 loan applications under new program
Small Business Corp. (SBCorp), the government’s micro-lending arm attached with the Department of Trade and Industry (DTI), has already approved 26 loan applications under its newly launched ₱6-₱7 billion RISE UP loan facility for micro, small and medium enterprises (MSMEs).
This was revealed at the formal launch Friday, May 6, of the RISE UP With SBCorp program, which already received 1,500 applications of which 26 with loans amounting to ₱3.77 million have already been approved. RISE stands for Resilient, Innovative, Resilient Enterprises.
SBCorp President and CEO Ma. Luna Cacanando also explained at the RISE UP launch that they are now implementing a one percent interest rate for its latest loan facility because as a government corporation they need to ensure sustainability of their financing program.
RISE UP has three classes of loans: all time-purpose loans for small enterprises; “tindahan” loans for sari-sari stores and small dealers and distributors; and RISE UP Turismo to help tourism enterprises that are still recovering from the pandemic.
The program carries a one percent interest rate only and is payable monthly up to three years with grace period of up to 12 months on the principal only.
The minimum loanable amount is P10,000 and maximum of ₱5 million. But existing SBCorp borrowers in good standing are allowed up to ₱10 million or additional ₱5 million. But the additional ₱5 million will already require loan collateral since only ₱5 million from previous loan availment is collateral-free.
RISE UP loan application requires at least one year in business operation to ensure that the borrower can is already capable to pay up to protect government funds. SBCorp officials noted that 20 percent of enterprises closed on their second year of operation while 75 percent closed shop on the third year.
Borrowers are required to submit government-issued ID, barangay certification for loans not more than ₱100,000; BMBE Certificate or Mayor’s Permit for loans more than ₱100,000; photos and video of business operations and assets; and corporate documents, if applicable.
Borrowers are advised to file their application for RISE UP Micro Multi-purpose Loan online via https://brs.sbcorp.ph.
Choose RISE UP Micro MultiPurpose Loan among the available loan programs in the system to accomplish the registration form and upload the documentary requirements then click “Submit” to finish the application process. (Bernie Cahiles-Magkilat)