MANILA, Philippines — The financing arm of the Department of Trade and Industry (DTI) has approved over P6 billion worth of loans for micro, small and medium enterprises (MSMEs) affected by the coronavirus pandemic as of this month.
Data from the DTI showed the Small Business (SB) Corp. has approved 37,202 loan applications worth P6.09 billion for MSMEs that have been impacted by the ongoing pandemic as of Nov.10.
Of the total, 35,847 applications amounting to P5.80 billion were approved for the Bayanihan COVID-19 Assistance to Restart Enterprises (CARES) program.
Meanwhile, 528 loan applications worth P242.82 million were approved for the CARES for tourism establishments or the Tourism Rehabilitation and Vitalization of Enterprises and Livelihood or TRAVEL component.
SB Corp. also approved 813 loan applications amounting to P45.63 million for the Helping the Economy Recover through Overseas Filipino Workers Enterprise Startups or HEROES component.
Through the CARES program, the SB Corp. is offering interest-free and collateral-free loans to help MSMEs recover from the adverse effects of the pandemic.
As for the facility to help MSMEs provide the mandatory 13th month pay of their workers, a total of 14 applications worth P2.42 million have been approved.
SB Corp. started accepting loan applications to help employers provide the mandatory 13th month pay just last Nov. 2.
MSMEs can apply for the 13th month loan until Dec.7.
The 13th month loan facility is open to micro and small businesses that enlisted with the Department of Labor and Employment from March last year until Oct. 15, this year for their flexible work arrangements.