The Department of Trade and Industry on Saturday urged women business owners to take chances in availing of government support to help them ensure success in their entrepreneurial journey.
“We in the DTI have initiated several programs to support your business enterprise. One example is addressing the issue of access to capital and credit which is now possible with our Small Business Corporation’s RISE UP program,” said Trade Secretary Alfredo Pascual during the Go Negosyo Women Summit 2024 on Saturday, 9 March
The event was held at the Ayala Malls Manila Bay, in Parañaque.
RISE UP
DTI-attached agency, SBCorp’s RISE UP program is a loan facility aiming to sustain gains of micro, small, and medium enterprises that have survived the pandemic crisis years, by providing easily-accessible, soft term multi-purpose loans.
The RISE UP Multi-purpose Loan caters to multi-sectoral MSMEs including existing SBCorp borrowers, namely Micro Multi-Purpose Loan for multi-sectoral microenterprises; SME Multi-Purpose Loan Suki for existing borrowers of SBCorp in good standing with at least six months repayment track record, and SME Multi-Purpose Loan First Timers meant for multi-sectoral SMEs.
“This multi-purpose loan program has soft terms and can easily be accessed by our small businesses. Last year, 2023, RISE UP provided P1.66 billion worth of loans to over 6,500 women-led MSMEs,” Pascual told the summit’s audience.
IDEAS
“We also have the IDEAS Project, which seeks to enhance the participation of ASEAN women MSMEs in the digital economy. Until 2026, its e-business training toolkits and modules will be available to Pinay entrepreneurs,” he added.
Apart from this, Pascual told attendees that based on the Asian Development Bank survey on women entrepreneurship in the Philippines, most female-owned MSMEs lack registration beyond the basic barangay permit.
“This situation indicates that women struggle with registration and may lack interest in moving their business to the next level. We also learned that women-owned MSMEs have more difficulty accessing and using financial services and products, including digital financial services,” he said.
Part of the summit was the awarding of Go Negosyo Inspiring Filipina Entrepreneurs 2024, in which awardees were hailed by Pascual.
Remarkable journeys
“Your respective journeys have been remarkable. You faced the many challenges of entrepreneurship with much grit and perseverance. I believe your stories need to be told repeatedly to as many people as possible. Beyond success, your stories are stories of overcoming obstacles and enduring hardships. Beyond this, your stories are those of empowerment. Your journey also shows how tenacity, flexibility, consistency, and creativity could keep you going a long way,” the Trade chief expressed.
