SBC now accepts loans from Puerto Princesa SME's

Small Business Corporation ( SBC), the microfinancing agency of the Department of Trade and Industry ( DTI), is now accepting loan applications from micro, small and medium entrepreneurs ( MSMEs) in Puerto Princesa City through its Pagbabago at Pag- Asenso Program ( P3). Marcelino Dile, SBC desk officer, said small entrepreneurs in the city or within its 10- kilometer radius can now directly apply for loans in their office. “Ngayon ay meron na tayong direct application na dito mismo sa opisina naga- apply at nagpro- process. Dati ay doon sa conduit cooperative, pero di naman lahat na- ca- cater ng coop kasi mga members lang nila ang kini- cater. Mas maganda ito na meron ng direct,” Dile said. He said the P3 program has a P25 million fund of which only P3 million had been released to three conduit cooperatives. Dile said after the three conduit cooperatives, none so far has applied to become partners of the P3. Borrowers, he added, can avail of loans from P5,000 to P200,000 with very small interest rates compared to other lenders. Dile pointed out that P3 is a program under the administration of President Rodrigo Duterte to counter the “5- 6 lending” scheme which imposes an interest rate of as high as 20 percent. The borrowers’ businesses, he added, must already be over a year, and with business names and pertinent permits from the DTI and the city government. “Conduits pa rin natin ang mga cooperatives na na- approve like those in Narra, here in the city, and Roxas. Sila ‘ yong may existing lending operations na may capability mag- handle nito. Kasi hindi naman dole out ito,” he said. We are now processing the applications of 12 small businesses, which are mostly souvenir shops and food processing enterprises, Dile said.