The Department of Trade and Industry (DTI) – MIMAROPA has so far endorsed the approval of loans amounting to over P28M to micro, small, and medium enterprises (MSMEs) in the region through the Small Business (SB) Corporation’s P3 COVID-19 Assistance to Restart Enterprises (CARES) Program.
The P3 CARES is one of the flagship financing programs of the SB Corporation, financing arm of DTI, that aims to aid MSMEs recover from the adverse effects of the existing pandemic through financial loan.
SB Corporation has partnered with DTI’s regional offices and Negosyo Centers to assist walk-in applicants.
Since January of 2021 until March of 2021, SB Corporation has approved 213 loan applications, coursed through DTI MIMAROPA’s provincial offices and Negosyo Centers, with equivalent approved amount of P28,939,293.33. Consolidated data show that 46 of the approved loan applications came from Marinduque amounting to P2.9M, 47 from Occidental Mindoro valued at P5.5M, 54 from Oriental Mindoro amounting to P14.6M, 60 loan applications from Palawan valued at P3.6M, and lastly, seven approved loan applications from Romblon amounting to P466K.
Ms. Carmelita Rejano Reyes, owner of Rejano’s Bakery in Marinduque, was able to borrow P400,000 from the CARES Program. According to Ms. Reyes, she was able to use the loan to continue their processing and production, and provide a source of income for her workers/farmers amidst the challenging landscape for businesses and jobs in their province because of the ongoing pandemic.
“Kasangga namin ang SB Corporation sa pag-tulong sa ating mga MSMEs na matinding naapektuhan netong COVID-19 pandemic sa pamamagitan ng P3 CARES Loan Program. Moreover, our help doesn’t stop there since we also provide them business development services so they can fully utilize and mapalago yung granted loan,” DTI MIMAROPA Regional Director Joel B. Valera said.
Qualified applicants are required to own a business running for at least one (1) year. Moreover, micro enterprises with asset size of not more than P3M may borrow from P10,000 to P200,000 while small enterprises with asset size of not more than P15M may borrow as much as P500,000. Applicants need to undergo assessment prior to the approval of financial aid.
Interested applicants may visit the nearest DTI MIMAROPA Provincial Office or Negosyo Center for inquiries on how to avail the P3 CARES Program. For more information, individuals may contact the Small Business Corporation or visit www.sbgfc.org.ph/ for online applications. ♦
Date of Release: 8 April 2021