Manila City, Philippines—Small Business Corporation (SBCorp), the financing arm of the Department of Trade and Industry, has launched the Enterprise Rehabilitation Financing (ERF) program on August 27. Serves as a special loan facility, the program provides crucial financing assistance to micro, small, and medium enterprises (MSMEs) devastated by Typhoon Carina, enabling their recovery and rebuilding efforts.
“We understand the challenges businesses face as they work to rebuild and resume normal operations after the devastating impact of this typhoon, that surpassed even the rainfall record of Super Typhoon Ondoy,” said SBCorp President/ Chief Executive Officer Robert C. Bastillo.
“This emergency fund, offering concessional terms not currently available in the market, aims to finance the immediate needs of MSMEs. These needs include the repair and replacement of damaged fixed assets and inventories, operational disruption, and revenue loss,” he added.
New and existing borrowers of SBCorp may borrow a maximum of PHP 300 thousand, payable monthly up to three years. A three-month grace period may also be secured, in case loan borrowers need for a reprieve from payments.
Loans are interest free for the first year, and 1% per month interest rate based on diminishing balance shall be levied for the second and third year.
MSMEs in the following areas are qualified to apply for the program: National Capital Region, Ilocos Norte, La Union, Bataan, Pampanga, Bulacan, Tarlac (Camiling), Cavite, Rizal, Laguna (Mabitac), Oriental Mindoro (Pinamalayan and Baco), Romblon (San Andres), Zamboanga (Tambulig), Davao Occidental (Jose Abad Santos and Trinidad) and Cotabato (Kabakan and Pikit).
“Our existing borrowers who are current in their loan repayments and have yet to fully reach the PHP 300,000 loan cap can quickly access this facility without needing to submit any documentary requirements,” said SBCorp President/CEO Bastillo.
New borrowers only need to submit their Mayor’s Permit or Barangay Micro Business Enterprise (BMBE) Certificate for loans over PHP100,000, or Barangay Certification for loans up to PHP100,000. In addition, all new borrowers must provide government-issued ID, proof of bank or e-money account, and corporate documents, if applicable.
SBCorp accepts applications through the loan portal at https://brs.sbcorp.ph until the end of September 2024. ♦
Date of release: 29 August 2024
