NAGA CITY, Aug. 13 (PIA) - To help small businesses here survive amidst the COVID-19 pandemic, this City government through Mayor Nelson Legacion requested the Sangguniang Panlungsod (SP) to pass a resolution that will support micro and small enterprises (MSEs) and come up with strategies that will allow them to endure the economic slowdown caused by the pandemic.

On Monday, Aug. 10, Legacion formally signed Ordinance No. 2020-074 or the "Naga City Business Stimulus Ordinance" authored by City Councilors Jose B. Perez, Jose "Sonny" C. Ranola, M.D. and Mila S.D. Raquid-Arroyo, that will serve as a temporary measure distinct and separate from the regular livelihood programs of the city government.

The ordinance will provide qualified small businesses to avail of a loan or borrow money at zero-interest credit payable in one (1) year with payment to commence one (1) month after the lifting of the national-imposed community quarantine, or six (6) months from the release of the loan, whichever comes first.

A qualified business entrepreneur can borrow up to P100,000.00 if his business employs more than three (3) workers; P75,000.00 if the business employs at least three (3) workers; P50,000.00 if employing at least two (2) workers; and P25,000.00 if employing at least one (1) worker.

Aside from the loan, the Business Stimulus Fund will also be used for technical and marketing assistance as needed by the enterprise to enable it to adapt to prevailing quarantine conditions or to the 'new normal.'

According to Perez, Chair of the SP Committee on Trade, Investment, Business and Economic Enterprises, eligible for the program are MSEs operating in 2019 or prior to the COVID-10 pandemic, with at least one (1) worker who is/are residents of the City of Naga; and has a valid Naga City Mayor's permit.

"Our target is specific for small businesses. We define small businesses as those with capitalization of not more than P3 million and below. So, only those small businesses because they are the ones that are really in need and directly affected since the start of the pandemic," Perez explained.

The program will be facilitated by the Metro PESO in coordination with the Naga City Business Stimulus Program (NCBSP) Board composed of the SP Committee on Trade and Investment, Business and Economic Enterprises as Chair, and members from the public, private, and civil society sector.

An initial amount of P10 million has been allocated by the city government for this program.

"We presume that many will apply, but we will prioritize those that are in dire need, and if there is an excess, we will give it to pending applications. And if we see that there are still more in need, we will add the capitalization for loanable amount if necessary," Perez concluded. (JRM-PIAV/Camarines Sur)