The recent lockdown due to the community outbreak of COVID-19 has hit it really bad for small business owners, or the MSMEs (Micro, Small, and Medium Enterprises). MSME’s are the backbone of the Philippine economy. These comprises of 1.42M registered businesses.
The P3-ERF facility of the Department of Trade and Industry (DTI) is part of the economic relief program of the Duterte administration for small businesses. DTI’s financing arm, Small Business Corporation, will grant access to the loan fund to micro and small enterprises continuously operating for at least one year prior to March 2020 whose businesses suffered “drastic reduction in sales.”
Loan Purpose and Qualifications:
Maximum Loanable Amount :
Good news for TNVS and other Transport Operators who are worried with their monthly amortization, they are included in the program and can apply for loan.
Development Bank of the Philippines (DBP) offers RESPONSE which provides rehabilitation financing support to DBP and non-DBP borrowers, both public and private institutions adversely affected by calamities, such as the COVID-19 pandemic. – DBP
Public and/or private institutions located and/or operating in areas declared in a state of calamity by competent authority.
Projects located in areas affected by calamities and or force majeure events as determined by the appropriate authorities (i.e. President of the Philippines, NDRRMC, concerned LGUs)
1. Declaration of state of calamity or existence of a calamity of an area.
2. Lending Center/Department Head certification that the project was adversely affected by calamity or event arising from the occurrence of such calamity
3. For new borrowers:
Based on project requirement*
Visit DBP RESPONSE for more information.
Landbank in support of Republic Act No. 11469 or the “Bayanihan to Heal as One Act”, LANDBANK, through the I-RESCUE Lending Program, shall provide interim measures for Small and Medium Enterprises (SMEs), Cooperatives (Coops) and Microfinance Institutions (MFIs).
These loan programs are part of the Bayanihan to Heal as One Act or Republic Act 11465, an act declaring the existence of a National Emergency arising from the Coronavirus Disease 2019 (COVID-19) Situation.
In demand now!