30 July 2021 – To expand its existing loan programs for micro, small and medium enterprises (MSMEs), cooperatives, hospitals, tourism, and OFWs affected by COVID-19 pandemic and by other socio-economic reversals, the Department of Trade and Industry (DTI) Quezon through the Negosyo Center Calauag, in partnership with the Barangay Local Government Unit headed by Punong Barangay Honorable Eduardo Domogma conducts Pondo sa Pagbabago at Pag-asenso– COVID-19 Assistance to Restart Enterprises (P3-CARES) Program Orientation in Brgy. Poblacion, Tagkawayan, Quezon on 30 July 2021.
Seeing the need of microentrepreneurs of Tagkawayan for an access to finance, Negosyo Center Calauag thru Small Business Corporation (SBCorp), DTI’s financing arm partner, offers P3-CARES Program. This program offers collateral-free and interest-free loans that aim to assist MSMEs recover from the adverse effects of the pandemic.
During the program, Edward Orge, P3 Coordinator of SBCorp personally discussed the P3-CARES Program including the program details, requirements, qualifications to avail the loan. He deliberated that the borrower MSMEs will only need to pay a one-time service fee, which is set at a maximum of 8% for a four-year loan term. He also compared the loan feature of CARES 2 from CARES 1 which also includes a loan limit, zero-interest rate, service fee, grace period, and repayment term. He added that micro-enterprises with asset size of not more than P3-M may borrow P10,000 up to P200,000 while small enterprises with asset size of not more than P10-M may borrow a higher loan amount but will not exceed P500,000. Further, Orge gave a step-by-step tutorial on how to create their Business Registration System (BRS) log-in account and details on the documents they need to comply with.
Hope is indeed in short supply these days. Everyone is greatly affected by the global pandemic. Negosyo Center Business Counselor Ma. Isabel C. Hirang ended the program with a message of hope and encouragement, and imparted to the audience that perseverance, courage, and faith in the attendees’ abilities to overcome obstacles. Hirang believes that the participants, composing of 19 small entrepreneurs and 11 would-be entrepreneurs, would be able to preserve and grow their enterprises even during a protracted global health crisis. She also assured that DTI and SBCorp will be with them as they bounce back, thrive, and get their stone rolling again. ♦
Date of Release: 24 August 2021