PCCI, DTI help MSMEs avail of loans

The Philippine Chamber of Commerce and Industry (PCCI) has forged an agreement with the financing arm of the Department of Trade and Industry (DTI) for easy access to loans for the business group’s micro and small enterprise members affected by the coronavirus disease 2019 or COVID-19 pandemic.

The memorandum of agreement signed by PCCI and Small Business (SB) Corp., will help micro and small enterprise members avail of loans being provided under the COVID-19 Assistance to Restart Enterprises or CARES program.

Under the CARES program being administered by SB Corp., micro and small enterprises that suffered due to the pandemic, can borrow funds to help restart their operations.

Loans amounting to P10,000 to P200,000 are available for micro enterprises with assets amounting to less than P3 million.

Small enterprises with asset size not more than P15 million may borrow up to P500,000.

The loans are interest-free, but there is a minimal service fee of six percent for 18-month term loans and eight percent for 30-month term loans.

“This is a landmark agreement for PCCI as we assist our members in their recovery efforts,” PCCI president Benedicto Yujuico said.

“We see a bright future in our relations with SB Corp. whose primary mandate is to financially assist the very small enterprises who need the support most,” he added.

PCCI is the largest business organization in the country with over 30,000 member companies in more than 120 chapters.