DOT, SB Corp. call on tourism enterprises to avail of loan program
CITY OF SAN FERNANDO— The Department of Tourism (DOT) and Small Business Corporation (SB Corp.) called on affected tourism enterprises to avail of the COVID-19 Assistance to Restart Enterprises (CARES) for Tourism Rehabilitation and Vitalization of Enterprises and Livelihood (TRAVEL) program.
DOT Regional Director Carolina Uy said CARES for TRAVEL loan program is part of the government’s efforts under the Bayanihan to Recover as One Act to bring the tourism industry back on track.
“It offers zero interest loan with grace period that will provide access to working capital loans to our tourism industry players and enterprises affected by the pandemic brought by COVID-19,” Uy said.
Qualified borrowers must belong to DOT-accredited tourism enterprises under the micro, small and medium enterprise category.
“Interested loan borrowers should have Bureau of Internal Revenue-filed financial statements for the year 2018 or 2019, and should have no unresolved major negative credit dealings in other financial institutions,” she said.
Loan amount not exceeding P200,000 can be granted to micro enterprises; P500,000 to small enterprises; and P1 million to medium enterprises.
However, Uy said that higher loan amount may be approved for enterprises with written plan on how to restart or improve its business model in the amount of P300,000 for micro enterprises; PhP1 million for small enterprises and P2 million for medium enterprises.
“The good news is if there is an agreement to rehire or retain a significant number of workers in their respective businesses, loan applicants may still opt for even higher loan amount of up to P1.5 million for small enterprises and P3 million for
medium enterprises,” Uy shared.
There will be service fees ranging from four to eight percent, depending on the loan term.
A grace period of three to six months at the option of the loan applicant will be given, while selected enterprises will be given six to nine months grace period.
SB Corp. will validate the applications on a firstcome, first-served basis. The loan applicant should be the registered business owner or the President of the corporation as supported by a secretary’s certificate.
Interested enterprises may apply online thru www.//brs.sbgfc.otg.ph.
For inquiries, applicants may send an e-mail atsbcorporation@sbgfc.org.ph.Foranyproblemsregarding DOT-accreditation number which is a requirement for the online application, applicants may con t act 0998-996-1981 orcentralluzonaccreditation@yahoo.com. (PIA 3)