DTI unit opens new loan program for MSMEs

Small Business Corp., the financing arm of the Department of Trade and Industry (DTI), launched on Friday a new loan program for micro, small, and medium-sized enterprises (MSMEs).

Called the RiseUP program, it is open to MSMEs involved in key sectors such as fast-moving consumer goods and tourism that want to level up as the economy recovers from the worst effects of the COVID-19 pandemic.

“RiseUP Program’s main goal is to build on the successes of MSMEs that have survived the adverse effects of the pandemic against all odds. We want to help them sustain the strength and resilience they have displayed as we all rise again post pandemic,” Trade Secretary Ramon Lopez said in a statement.

Under the RiseUp Multi-Purpose, MSMES regardless of industry can apply for a loan worth between P10,000 and P5 million, with a repayment term of up to three years. The grace period is up to 12 months if the loan amount is P300,000 or less. If the loan amount is more than P300,000, then the grace period can exceed 12 months or up to half of the repayment period.

Enterprises in the tourism industry can avail themselves of a collateral-free and interest-free loan under the RiseUp Turismo, SB Corp. said. Under this program, MSMEs engaged in tourism-related activities regardless of accreditation with the Department of Tourism may borrow up to P5 million with repayment term of up to four years and a grace period of up to 24 months.

The RiseUp Tindahan is an expanded version of an earlier program launched in 2021, with more eligible borrowers and longer repayment periods. It is now open to various MSMEs participating in the supply, production, distribution, and retailing chain of SBCorp-accredited fast moving consumer goods food manufacturers.

These include sari-sari stores, groceries, supermarkets, dealers and distributors. Loanable amount under the program is from P10,000 up to P5 million with a repayment term of up to three 3 years and a grace period of up to 12 months.

To qualify for a loan, an enterprise must be Filipino-owned, with a business track record of at least one year.

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