The Small Business Corporation (SBCorp), an attached agency of the Department of Trade and Industry (DTI) unveiled on Thursday various loan programs for micro, small, and medium enterprises (MSMEs).
"Kami po ay hindi bago, kami po ay 32 years nang nag-e-exist (We're not new, we have been in existence for 32 years)," Eloisa Isip, Communications Head of SBCorp.
"Ngunit ngayon po, kami na lang ang natitira at natatanging ahensiya ng gobyerno na ang mandato ay tulungan ang ating mga MSMEs (But now, we are the only remaining and only government agency whose mandate is to help our MSMEs)," she added.
Isip shared this during DAILY TRIBUNE's Eight Asian Innovation Forum in Sampaloc, Manila.
Isip bared various loan programs that MSMEs can avail, including Micro-Muti-Purpose Loan for multi sectoral micro-enterprises with at least one year business track record; MSME Multi-Purpose Loan First Timers for multi-sectoral MSMEs with at least two years business track record; and MSME Multi-Purpose Loan Suki for existing borrowers of SB Corp in good standing with at least six months repayment track record.
"[Sa] Multi-Sectoral, kahit ano po ang ating negosyo. Yan po ba ay karinderya, kahit anong negosyo, pwede (In Multi-Sectoal, whatever are business is, is okay. Whether it's a small restaurant, any business, it's possible)," Isip explained.
Eligible to apply for a loan are Filipino-owned businesses or partnerships and corporations; must have an asset size of not more than P100 million exclusive of the land on which the business is situated; must have a business track record of at least one year; must have no past due account under any SBCorp programs and no major negative credit findings.
Loanable amount is up to P20 million, actual interest rate is less than one percent per month based on diminishing balance, and balance is payable for up to three years.
Loan application requirements are government-issued ID of the sole proprietor/managing partner/president CEO; mayor's permit/barangay micro business enterprises certificate for loans more than P100,000 and barangay certification for loans up to P100,000; three pictures showing the business signage, inventories, and fixed assets; and bank or e-money account details.
MSMEs may get their loan proceeds through fund transfer, bank transfer via Pesonet, or via e-wallet accounts, such as Maya or GCash.
Upon paying their loans, they may pay through Bayad, Palawan, USSC, Maya, or GCash.
SBCorp is a non-bank government financial institution created in 1991 under Magna Carta for MSMEs as amended by Republic Act Nos. 8289 and 9501.
It is mandated to engage in developing initiatives for MSMEs.