7 provinces, 26 municipalities eligible for SB Corp’s P2B loans

The Department of Trade and Industry has once again urged micro, small and medium enterprises to take advantage of the government-ushered loans for Kristine-hit business owners.

In a television interview on Monday, Trade Secretary Cristina Aldeguer-Roque said the agency is urging MSMEs in seven provinces and 26 municipalities that have declared a state of calamity to apply for loans from its lending arm, Small Business Corporation.

“Based on our list as of 27 October, more than 400 MSMEs were badly affected by Kristine. So, they are the ones who should avail the loans. We have allotted P2 billion through the Enterprise Rehabilitation Financing (ERF) under SBCorp, which is available to all MSMEs operating in areas under the State of Calamity,” she said.

The provinces of Albay, Batangas, Camarines Sur, Camarines Norte, Cavite, Catanduanes and Quezon have MSMEs that can avail of the loan.

Emergency working capital

While the municipalities that can also acquire the loans are Biñan, Sta. Cruz, Victoria, City of San Pedro, Los Banos and Sta. Rosa City in Laguna; Magpet in Cotabato; Calbayog City in Samar; Bulan, Donsol and Juban in Sorsogon; San Fernando in Masbate; Dagupan City in Pangasinan; other 12 municipalities of Samar; Quezon City and some areas in the Province of Ifugao.

The ERF program provides emergency working capital to help MSMEs address financial impacts from disasters, including typhoons.

The program covers losses in inventory, operational disruptions, revenue decline, and damages to fixed assets.

New and existing SBCorp borrowers can access loans of up to P300,000, repayable monthly for over three years, and with no collateral required.

Applicants should only show proof that they have an ongoing business, as the loan has no collateral, with a zero interest rate for the first year and a percent monthly interest rate for the remaining two years.