New loan program for SMEs launched
The state-owned Small Business Corp (SBCorp) recently launched a new loan program for businesses that have been affected by the COVID-19 pandemic.
Rise Up program aims to help small entrepreneurs get access to financial services, the Department of Trade and
Industry said.
It has three financing programs, the first is a loan for all kinds of small businesses, while the last 2 are specifically for tourismrelated businesses and for sari-sari store owners and other retail stores.
At the launch of Rise Up program, Trade Secretary Ramon Lopez said the program would provide loans with easier terms compared to other financial institutions.
This is a timely program, Lopez said, as many businesses have not fully recovered due to the COVID-19 pandemic.
“Karamihan talaga na tinamaan ng pandemya, syempre nagkulang ang cashflow, ang working capital. Ito talaga ang magpapasigla uli to allow them to continue at hindi sumuko sa mga pagsubok na dinala ng pandemya,” Lopez said.
Micro entrepreneurs can apply for up to a P300,000 loan payable in three years inclusive of the grace period.
Meanwhile, small and medium-sized businesses can apply for up to P5 million to P10 million.
Requirements, interest rates and other details vary depending on the loan program and the amount. One can check the website or Facebook page of SBCorp for the full information.
With a smaller interest rate, Lopez urged small entrepreneurs to avail of the financial program to help expand their business, which in turn will also provide more jobs and help the overall economy.
Thousands of businesses have temporarily and permanently shut during the pandemic. Many of them are recovering as COVID-19 restrictions ease.