BORONGAN CITY, May 21 (PIA) -- The Department of Trade and Industry (DTI) and Small Business Corporation (SBC) - E. Samar Provincial Field Office are now accepting loan applications from Micro and Small Enterprises (MSEs) in the province affected with the impact of the Corona Virus-19 (COVID-19) crisis.

According to Ms. Ma. Joy R. Abobo, P3 provincial coordinator/small business coordinator, they are now accepting applications for the COVID-19 Assistance to Restart Enterprises (CARES) program through its offices in areas now under general community quarantine (GCQ).

She said that CARES is part of the government's economic relief program for micro and small enterprises affected by the COVID-19 pandemic.

She added that SBC has already accepted 33 loan applications while the DTI-Field Office accepted 21 loan applications.

Those MSEs who applied for CARES program are from Can-avid, San-Julian, Lawaan, Maydolong, Guiuan, Balangkayan and Borongan City.

Micro enterprises with asset size of not more than P3-M may borrow P10,000 to P200,000 while small enterprises with asset size of not more than P15-M may borrow a higher loan amount but not to exceed P500,000.

The small business coordinator further said that the loans under the CARES program have a monthly interest rate of 0.5%, and a grace period of six 6 months on principal repayment.

To avail the loans, the borrowers must be a Filipino-owned micro or small enterprises, should be in operation prior to March 16, 2020, must be affected by the imposition of enhanced community quarantine (ECQ) and should not have assets worth more than P15-M.

Applicants may visit the DTI - Provincial Field Office, or SBC website - www.sbgfc.org.ph to get the application form and submit the requirements to the nearest SBC Office or in the Negosyo Centers in the different municipalities.

Applicants should also observe health protocols such as wearing face masks and practice social distancing.

The loan requirements are fully-accomplished loan application form; one government issued ID with picture, and proof of permanent business address.

Businesses can use the borrowed funds to update loan amortizations for vehicles loans, or other fixed asset loans, and replacement of working capitals to restart operations.

CARES program is a P1-Billion Enterprise Rehabilitation Financing (ERF) facility under the Pondo sa Pagbabago at Pag-asenso (P3) to support micro and small businesses affected by the economic impact of COVID-19 in the country. (nbq/SDC/PIA-E. Samar)