BORONGAN CITY (PIA) -- The Department of Trade and Industry (DTI) through the Small Business Corporation (SBC) approved 217 loan applications of Micro-Small and Medium-Enterprises (MSMEs) for the year 2021 as relief assistance for COVID-19 pandemic.

Ms. Joy Abobo, Pondo sa Pagbabago at Pag-asenso (P3) coordinator of DTI-Eastern Samar Field Office (ESFO) said that more or less P23.6-M was approved and released to 217 MSMEs under the COVID-19 Assistance to Restart Enterprises (CARES) program.

The top three municipalities that applied are: Borongan with 27 MSMEs and loan amount granted was P11.9-M; Mercedes with three (3) MSMEs, loan amount granted was P5-M; and Guiuan with seven (7) MSMEs, loan amount granted was P4-M. Abobo said that CARES 2 program is part of the government’s economic relief program for MSMEs affected by the COVID-19 pandemic crisis in 2020.

She further said that this relief assistance through the Bayanihan CARES program is a big help for the MSMEs to recover their business especially those affected establishments that were permanently and temporarily closed.

The P-3 Coordinator said that Micro Enterprises with an asset size of not more than P3-M may borrow P10,000 to P20,000 while Small Enterprises with an asset size of not more than P15-M may borrow a higher loan amount but not to exceed P500,000.

Abobo emphasized that the said loans under the CARES program have a monthly interest rate of zero percent and a grace period of six months on principal repayment.

The loan requirements include fully accomplished loan application form, one government-issued ID with a picture, and proof of permanent business address. Businesses can use the borrowed funds to update amortizations for vehicle loans or other fixed asset loans, and replacement of working capitals to restart their business operations.

CARES program is a P1 billion Enterprise Rehabilitation Financing (ERF) facility under the Pondo sa Pagbabago at Pag-asenso (P3) to support MSMEs affected by the economic impact of COVID-19 in the country. (SDC/PIA-E. Samar