DTI launches loan program in Cebu

·3 min read

THE Department of Trade and Industry, through its financing arm Small Business (SB) Corp., launched on Thursday the Resilient Innovative and Sustainable Enterprises, Unleash your Powers or Rise Up, a loan program for micro, small, and medium enterprises (MSMEs).

The Rise Up loan is open for MSMEs (engaged consumer goods trading and tourism business) that are willing to expand their enterprises and recover from the Covid-19 pandemic and Typhoon Odette (Rai).

“In this program, it aims to provide affordable financing solutions and we want to help them sustain their strength and resilience that they have shown amidst the crisis and rise again in the post-pandemic era,” Undersecretary Blesila Lantayona of the DTI-Regional Operations Group said in a recorded message during the regional launching of the the loan program.

The new flagship loan program of SB Corp. is divided into three categories: the Rise Up Multi-Purpose Loan, Rise Up Turismo, and Rise Up Tindahan.

The Rise Up Multi-Purpose Loan aims to help the MSMEs in multi-sectoral industry to sustain their gains that have survived the crisis. The qualified MSMEs can avail themselves of the loan program amounting to P10,000 to P5 million, where first-time borrowers only need at least three-year business track record and Bureau of Internal Revenue-filed financial statement, while existing borrowers need at least six month repayment track record.

Loan repayment term can run up to three years and 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.

MSMEs in the tourism sector can also avail themselves of the Rise Up Turismo. The program is open for primary and secondary tourism enterprises, accredited by the Department of Tourism such as hotels, resort/, restaurants, gift and tourist shops, museum, and travel agencies, and the tourism support services including fast-food shops, carenderias, and food vendors, among others.

The loan program aims to assist MSMEs in the tourism sector to help them recover from the effects of the Covid-19 pandemic. They can avail themselves of a collateral-free and interest-free loan under this program and may borrow up to P5 million with repayment term of up to four years and a grace period of up to 24 months.

Meanwhile, the Rise Up Tindahan offers longer repayment periods targeting MSMEs under the supply, production, distribution, and retailing of SB Corp.-accredited fast moving consumer goods manufacturers through Micro Tindahan Loan and SME Tindahan Loan.

The program is also an expanded version of an earlier program launched in 2021 for enterprises such as sari-sari stores, groceries, dealers, and distributors. Borrowers can avail of the loanable amount starting from P10,000 up to P5 million with a repayment term of up to three 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.

“MSMEs make up the backbone of our economy and the sector house more than 90 percent of all business establishments in the country and it employs more than 60 percent of the total workforce in the country,” Blesila added.

With these, Blesila emphasize the importance of the MSMEs to thrive in an increasing competition amid digital age.

Qualified borrowers can avail of these program through https://brs.sbcorp.ph and log in or create an account; fill in the necessary information and upload the documentary requirements that includes government-issued ID, Barangay Micro Business Enterprise Certificate or Mayor’s Permit, photos and videos of business operations, and assets and corporate document; and click “Submit” to finish the application process.

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