The Department of Trade and Industry (DTI) – Mimaropa has so far endorsed the approval of financial loans amounting to P290-million to over 2,000 borrowers affected by the pandemic through the Small Business Corporation’s (SBCorp) Bayanihan COVID-19 Assistance to Restart Enterprises (CARES) Program, as of 25 August 2021.
Micro, small, and medium enterprises (MSMEs) with businesses operating for one year, may avail of the Bayanihan CARES program with a loanable amount from P10,000 up to P5-M with a grace period of up to 12 months or one year, no collateral required, and with no interest.
Since the start of this year, SBCorp has approved a total of 2,596 loan applications from MSMEs in Mimaropa, coursed through the different DTI provincial offices and Negosyo Centers. Some P250-M worth of loans were already released to 2,300 borrowers as of August 2021.
According to SBCorp, 238 loan applications were approved in Marinduque amounting to P20 million, 374 approved loan applications amounting to P37 million in Occidental Mindoro, 770 approved loan applications amounting to P98 million in Oriental Mindoro, 1,078 approved loan applications amounting to P124 miiion in Palawan, and 136 approved loan applications amounting to P136 million in Romblon.
