BORONGAN CITY, February 22 (PIA) - - The Department of Trade and Industry's (DTI) financing arm, Small Business Corporations (SBC) has approved and released 217 loan applications from Micro Small Medium Enterprises (MSMEs) for the year 2020 in Eastern Samar.

Ms. Ma. Joy R. Abobo, provincial small business coordinator of DTI-Eastern Samar Field Office (ESFO) said that P13.3-M worth of loans has been approved under the COVID-19 Assistance to Restart Enterprises (CARES) program.

Abobo said that CARES program is part of the government's economic relief program for MSMEs affected by the COVID-19 pandemic crisis.

The P3 coordinator said that the relief assistance through Bayanihan CARES program is a big help for the MSMEs to recover their businesses especially those businesses that have been temporarily and permanently closed.

Abobo further said that Micro Enterprises with an asset size of not more than P3-M may borrow P10,000.00 to P200,000.00 while small enterprises with an asset size of not more than P15-M may borrow a higher loan amount but not to exceed P500,000.00.

Ms. Abobo emphasized that the said loans under the CARES program have a monthly interest rate of zero percent and a grace period of six (6) months on principal repayment.

DTI's financing arm does not collect interest from loans but instead charges service fees of 4 percent for loans with a one-year term, 6 percent for two-year loans, and 7.5 percent for three-year loans

The loan requirements include fully-accomplished loan application form; one (1) government issued ID with picture, and proof of permanent business address.

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

For this year, 2021, DTI-SBC is now open again for loan applications via on-line, interested parties may log in at: https://brs.sbgfc.org.ph.

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