BAGUIO CITY (PIA) -- The Small Business Corporation (SBCorp), an attached agency of the Department of Trade and Industry, continues to receive applications for the RISE UP Program  as it   explains why  some applications  are being denied.
 
The RISE UP stands for Resilient, Innovative, and Sustainable Enterprises, Unleash your Powers which aims to sustain the gains of micro, small and medium enterprises(MSMEs)  who have withstood the COVID -19 pandemic the past two years through the provision of multi-purpose loans that are accessible and have soft terms.

Mylvie Almosara of the SB Corp - Northern Luzon said that to date, they have received 334 applications but only 114 were approved.

Almosara   emphasized that documentary requirements must be completed before they process the application making sure that applicants are already operating for at least one year. Applicants are given one week to comply and failure to comply results to the denial of the application, she explained.

 
"Kapag hindi po nakakapag-comply 'yung applicants within a prescribed period, nada-drop po 'yung kanilang applications. Also, chini-check din po 'yung years of existence  if they are not still operating at least a year, dini-defer po muna 'yung kanilang applications," she  expounded.

Another ground for disapproval is the adverse findings from the credit investigation they conduct.

"One of our processes before we evaluate their loan application is we conduct CI or 'yung tinatawag pong credit investigation. Nakikita po namin kung ano 'yung kanilang mga exposures with other financial institutions and if we found out po na may mga outstanding balances pa and unpaid, there are times na 'yun po ang nagiging grounds for the disapproval," Almosara said.

 
She clarified that they are not yet catering for startup businesses because what they are looking into is the capacity of the applicant to pay the loan.

 Under the RISE UP Program are three sub-programs namely RISE UP Multi-purpose loan to help sustain the gains of the multi-sectoral MSMEs that have survived the past two years of crisis, the RISE UP Turismo which aims to assist MSMEs in the tourism sector to recover from the adverse effects of the pandemic, and the RISE UP Tindahan to help sustain retail stores, dealers and distributors who have survived the pandemic. (JDP/DEG-PIA CAR)