The Department of Trade and Industry’s (DTI) attached lending institution has started accepting loan applications from small and micro enterprises in Western Visayas.
Judith Degala, DTI-Iloilo director, said the national government alloted P1 billion for the COVID-19 Assistance to Restart Enterprises (CARES) program.
The program is intended to help businesses adversely affected by lockdowns imposed to halt the further spread of the deadly disease.
As of May 31, Degala said the Small Business (SB) Corporation has received 820 applications from the region.
Of the total number, 300 are from Iloilo; 92 from Capiz, 66 from Guimaras, 75 from Negros Occidental, 91 from Aklan, and 196 from Antique.
According to Degala, qualified enterprises are those that are 100 percent owned by Filipinos and legitimately operating for more than a year immediately prior to March 16, 2020.
Micro enterprises with asset size of not more than P3 million may borrow from P10,000 to P200,000 while small enterprises with an asset size of not more than P15 million may borrow a maximum of P500,000.
The loans are payable from 1 to 2 years with a grace period of 6 months.
Degala said they are still accepting applications from firms that are interested to avail of the financing program.IMT
