A micro-entrepreneur who suffered the wrath of typhoon “Carina” last August — an event that also led to the death of her father due to a hemorrhagic stroke — considers the Small Business Corporation (SBCorp) as her saving grace, thanks to its Enterprise Rehabilitation Financing (ERF) Program.

The soft loan program is specifically designed for calamity-hit micro, small and medium enterprises (MSMEs).

“During typhoon ‘Carina,’ my café was inundated with floodwater. Not only that, our stocks and products were devoured by mice and cockroaches. Amid Carina’s onslaught, my father lost consciousness due to stress and we rushed him to the hospital. He was comatose for days because of a large blood clot in his brain, according to his CT scan,” said Marjorie Mangahas Santos, owner of Marjorie RNM Café, in an interview on Thursday.

Her father was transferred to another hospital but died several days later due to heart failure. Even though she was still grieving, Marjorie was also deeply concerned about her business, which had long been the family’s source of livelihood.

While browsing the internet, she came across a post about the ERF program offered by SBCorp for victims of typhoon “Carina.” The program offered loans ranging from P10,000 to P300,000. She said she seized the opportunity to apply online, and fortunately she was granted the maximum loanable amount.

“SBCorp was the instrument the Lord used to help me. I went to many lending apps to get a loan, but only SBCorp came through. And this was real help, because even though I borrowed a large amount, there was no interest for the first year. For the next two years, the interest was minimal. I am incredibly grateful to them because they helped us after the storm,” she said.

Marjorie’s was one of the 784 MSMEs that benefited from SBCorp’s ERF Carina program. In total, P161 million in loans were provided to these businesses.

The ERF Program is funded by SBCorp with a budget of P2 billion, offering MSMEs a special loan facility to help them recover from the adverse impacts of calamities.

ERF ‘Kristine’

As part of the Department of Trade and Industry’s (DTI) ongoing efforts to support MSMEs in times of calamity, Trade Secretary Cristina Aldeguer-Roque launched another ERF program on Thursday, this time for businesses affected by severe tropical storm “Kristine,” which struck last month claiming around 100 lives and causing billions of pesos in property damage.

“The DTI, through SBCorp, remains unwavering in its commitment to support MSMEs. With the launch of the ERF ‘Kristine program, we aim to provide these businesses with the resources they need to rebuild, recover, and restore their operations,” Roque said.

Both existing clients and prospective new borrowers of SBCorp are eligible for a maximum loan of P300,000, which can be repaid monthly over up to three years.

A three-month grace period can also be requested by ERF borrowers who need additional time to get back on track, further supporting the recovery of their business operations.

Loans are interest-free for the first year, with a minimal 1 percent per month interest rate (based on the diminishing balance) for the second and third years.

New borrowers need to submit either a Mayor’s Permit or Barangay Micro Business Enterprise Certificate for loans exceeding P100,000, or Barangay Certification for loans of P100,000 or less. Other required documents include a government-issued ID, proof of a bank or e-money account, and corporate documents (if applicable).

SBCorp is accepting applications through the loan portal at https://ors.sbcorp.ph. Approved loan applications can be processed within three to five working days.

“We encourage MSMEs to avail themselves of this loan program, which will be available from 23 October until 31 December 2024. The ERF Kristine Program is more than just a financial product; it is a lifeline for MSMEs across Luzon and other affected areas,” Secretary Roque said.