DTI opens loan aid for SMEs
BAYOMBONG, Nueva Vizcaya, May 18 (PIA) – The Department of Trade and Industry (DTI) has started to accept applications for its loan facility program to help Small & Medium Enterprises (SMEs) recover from their economic loses due to the COVID-19 pandemic.
Precy Maglaya, DTI Chief Trade and Industry Specialist said they are now calling all SMEs to avail of their Enhanced Rehabilitation Financing uinder the Pondo para sa Pagbabago at Pag-asenso (COVID-19 P3-ERF) which seeks to support micro and small businesses affected by the COVID – 19.
“We are now accepting applications among from our SMEs at our provincial office. We are inviting our SMEs to avail of this program for their benefit,” she said during the recent Provincial COVID-19 Task Force (PCOVID-19TF) meeting here.
Maglaya said the COVID-19 P3-ERF is open to all Filipino-owned Micro Small Enterprises operating for at least one year before March 16, 2020 or a self-employed person, significantly impacted by the declaration of community quarantine.
Applicants must also have an asset size of up to P15 million exclusive of the land on which the particularly business entity’s office, plant and equipment are situated.
The program also offers benefits such as loanable amount of P10,000.00 to P200,000.00 for micro enterprises with asset size of more than P3 million of loanable amount of P10,000.00 to P500,000.00 for small enterprises with asset not exceeding to P15 million.
Other features also offers applicants for a discounted .5 percent monthly interest rate or 6 percent per annum and loan repayment term shall be from 12 months to a maximum of 24 months exclusive of grace period, subject to regular monthly amortizations and loans shall have a maximum grace period of six months.(MDCT/BME/PIA 2-Nueva Vizcaya)