The Small Business Corporation under the guidance of the Department of Trade and Industry is setting up a P1-billion enterprise rehabilitation financing facility under the Pondo sa Pagbabago at Pag-asenso or Covid-19 P3-ERF.
Sec. Ramon Lopez said that the P3-ERF facility is part of the economic relief program of President Rodrigo Duterte for small businesses that were further marginalized by the coronarvirus disease-2019 (Covid-19) pandemic.
As part of the SB Corp. Covid-19 Assistance to Restart Enterprises Program, those qualified to avail loans ranging from P200,000 to P500,000 for a 24-month term are Filipino-owned micro or small enterprises affected by the imposition of the enhanced community quarantine.
Loan applicants must have an asset size of not more than P15 million, exclusive of the land on which the business is situated.
The program will be implemented once the community quarantine declarations are lifted.
The loan interest rate shall be at 0.5 percent per month and the grace period on payments shall be given until such time that the economic crisis has been abated.
Applicants must submit DTI/Security Exchange Commission business registration, mayor’s business permit, post-dated, audited in-house 2019 financial statements, Bureau of Internal Revenue certificate of registration, government issued IDs, fully accomplished loan application form, and signature card. – Press release