SB Corp. gives MSMEs one month leeway to pay off loans

THE Small Business Corp. (SB Corp.) is offering a one month moratorium on loan payments covering the period of March 16 to April 14, 2020 to its micro, small and medium enterprise (MSME) borrowers and partner financial institutions (PFIs).

“The SB Corp. recognizes the impact of this public health crisis on the economy. This measure is to help our MSME borrowers and PFIs defray their expenses and focus on providing for the needs of their employees and businesses,” SB Corp. president and chief executive officer Ma. Luna Cacanando said.

Eligible to apply for the moratorium are SB Corp. MSME borrowers and PFIs situated within the areas declared under community quarantine due to the Covid-19 virus lockdown.

In addition to the one month loan payment moratorium, borrowers may also request to pay only the interest portion of their monthly payments for the succeeding six months, and to resume their regular monthly payments thereafter. Loan terms may also be extended depending on how the current situation develops.

The SB Corp., nevertheless, reserves the right to impose a shorter grace period and/or extension of loan term if so merited by business developments particular to each case.

“Rest assured that SB Corp.’s decision on each request shall take into consideration economic realities on the ground,” Cacanando said.

Eligible borrowers who wish to avail themselves of the moratorium may email or text their respective SB Corp. loan officers and/or field staff or email sbcorporation@sbgfc.org.ph. (PR)