In a matter of just two weeks, the Small Business Corporation (SBCorp), the lending arm of the Department of Trade and Industry, has already greenlit P4.22 million worth of loans for 24 women entrepreneurs under the recently launched Women’s Enterprise Fund (WEF).

This was reported by SBCorp President and CEO Robert Bastillo during WEF’s ceremonial launch on 10 July, with Trade Secretary Cristina Roque.

The SB Corp chief said the first wave of recipients of the loan package include Appleseed Montessori Inc. (P1 million), Soyuz Foods International Inc. (P1 million), Tejeron Burgatory Coal Grilled Burger Station (P1 million), Essiense Pharmacy (P1 million), Stimula Productions Inc. (P1 million), Aqua Freight Cargo Services (P850,000), Wix Manila Personal and Home Care Products Trading (P800,000), Maxi Food Hub (P750,000), Ciavinmar Enterprises (P300,000), and Jonnah JE Trucking Services (P300,000).

The initial disbursement amounting to P8 million is being released under SBCorp's RISE UP Program, a key financing facility now part of the broader WEF initiative.

The majority of the initial borrowers are from the trade and services sector, including retail enterprises like sari-sari stores, garment sellers, and pharmacies, as well as restaurants, cafes, and beauty salons.

Secretary Roque said the positive response to the WEF in its first week shows women entrepreneurs are ready to expand their businesses.

"This demand demonstrates that women entrepreneurs are poised for growth. They just need access to the right tools. We encourage more women-led enterprises to take advantage of this dedicated facility. The government is here to provide not just financing, but a fast and focused support system to help them thrive," the trade chief said.

SBCorp has set aside P1 billion for the WEF to establish a special "fast lane" for WMSMEs across its major financing programs, guaranteeing that funds are available, adding that the allocation can be increased depending on the demand.

The WEF fast lane is also integrated into other SBCorp programs, including the Franchising Loan Facility, Purchase Order Financing, and Business Expansion Financing.

The WEF, launched on 27 June, offers loans of up to P20 million at a 1 percent monthly interest rate on a diminishing balance and a repayment term of up to five years.

WMSMEs interested in the program can apply online at www.brs.sbcorp.ph.

Applicants are required to submit a government-issued ID, a business permit, proof of a bank account, and photos of their business operations.