SB Corp. opens P1B loan for MSMEs affected by lockdown
March 25, 2020 - Wednesday 6:03 PM by PNA
MANILA -- To support micro and small businesses affected and cushion the economic impact of the spread of coronavirus disease 2019 (COVID-19) virus in the country, the Small Business Corporation is setting up a P1-billion Enterprise Rehabilitation Financing facility under the Pondo sa Pagbabago at Pag-asenso (named COVID 19 P3-ERF).
The facility will be implemented once the community quarantine declaration is lifted by the national government and/or respective local government units.
Trade Secretary Ramon Lopez said the P3-ERF facility is part of the economic relief program of President Rodrigo Duterte for small businesses greatly affected and further marginalized by the COVID-19 epidemic.
The SB Corporation, an agency under the Department of Trade and Industry, said the ERF loan fund is open to micro and small enterprises with at least one year continuous operation prior to March 2020, and whose businesses suffered a drastic reduction in sales during the ensuing epidemic.
Micro enterprises with asset size of not more than P3 million may borrow P10,000 up to P200,000, while small enterprises with asset size of not more than P10 million may borrow a higher loan amount but will not exceed P500,000.
The loan shall be used to help the enterprise stabilize or recover from its losses. Specifically, the following purposes are qualified: updating of loan amortizations for vehicle loans or other fixed asset loans of the business; inventory replacement for perishable stocks damaged, and working capital replacement to restart the business.
The interest rate shall be at 0.5 percent per month (discounted basis), and a grace period on payments shall be given until such time that the economic crisis has abated. PNA
Europe remains in grip of coronavirus pandemic
ANKARA – Europe remains in the grip of the novel coronavirus pandemic as the virus has claimed nearly 60,000 lives on t ...3 hours ago
LGUs get flour donation to boost food rations amid Covid crisis
MANILA – San Miguel Corporation (SMC) has donated over 8,400 sacks of flour to local government units (LGUs) and bakeri ...3 hours ago
WeWork sues Japan's SoftBank for backing out of deal
Washington, United States | AFP | - Office-sharing giant WeWork on Tuesday sued SoftBank claiming the Japan-based techno ...1 day ago
LTFRB targets over 400,000 PUV drivers for cash aid
MANILA – A total of 435,619 drivers of public utility vehicles (PUV) are set to receive financial support through ...1 day ago