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MANILA, Philippines — The government, through the Small Business Corporation (SB Corp.), is targeting to extend assistance to 50,000 to 60,000 micro, small and medium enterprises (MSMEs) nationwide adversely affected by the Covid-19 pandemic.
SB Corp. spokesperson Azel Solano on Thursday said MSMEs can apply for loans under its Bayanihan Covid-19 Assistance to Restart Enterprises (CARES) program.
SB Corp. has so far approved P2 billion worth of loans for over 20,000 MSMEs under the said program.
“Ang target namin this year ay mga 50,000 to 60,000 MSMEs nationwide. Maraming nangangailangan. With the amount of funds that we have, hopefully marami pa ang makapag-apply [for loans],” Solano said in a Laging Handa public briefing.
(Our target is to help 50,000 to 60,000 MSMEs nationwide. Many are in need. With the funds that we have, hopefully, many more can apply for loans.)
Solano said under the program, MSMEs can apply for loans ranging from P10,000 to P5 million, depending on their financial standing before the Covid-19 pandemic hit.
“Walang interest ang Bayanihan Cares, wala rin kaming hinihinging collateral, at mayroon tayong binibigay na grace period hanggang isang taon,” she said.
(Bayanihan Cares has no interest and no collateral. We also give a 1-year grace period.)
“Ibig sabihin, hindi pa muna iisipin ng ating mga negosyante ang pagbabayad sa utang. Mag-fofocus muna sila sa pag-restart ng kanilang business,” she added.
(This means, business owners are not preoccupied with paying the loan. Instead, they could focus on restarting their business hit by the pandemic.)
The priority of the loan program are owners of businesses that have been operating for at least a year, Solano said.
Overseas Filipino workers, however, who were also affected by the pandemic can avail of the loans.