June 21, 2024

The Small Business Corporation (SBCorp), an attached agency of the Department of Trade and Industry, launched in Baguio City the RISE UP Program regional roadshow in North Luzon.

RISE UP stands for “Resilient, Innovative, and Sustainable Enterprises, Unleash your Powers”, which offers loans for micro, small, and medium enterprises (MSMEs) that survived the Covid-19 pandemic.

“This is a program that provides multipurpose loans to MSMEs. It aims to sustain your gains because you have survived the past two years of crisis and you are poised to regrow your businesses,” said Robert Bastillo, the Innovation and Advocacy Group head of the SBCorp.

It has three sub-programs namely RISE UP Multi-purpose loan to help sustain the gains of the multi-sectoral MSMEs that have survived the past two years of crisis, the RISE UP Turismo which aims to assist MSMEs in the tourism sector to recover from the adverse effects of the pandemic, and the RISE UP Tindahan to help sustain retail stores, dealers and distributors who have survived the pandemic.

The RISE UP Multipurpose Loan has three products – Micro Multipurpose Loan for all multi-sectoral enterprises that need P300,000 or lesser; the Suki Loan for existing borrowers of SBCorp. in good standing with at least six months repayment track record and need more than P300,000; and the First Timer Loan for first time borrowers of SBCorp. who need more than P300,000.

Under the RISE UP Turismo are the Micro Turismo Loan and the SME Turismo Loan, both with no interest but have a one-time service fee ranging from four to eight percent depending on repayment term.

Meanwhile, the RISE UP Tindahan loans include Micro Tindahan Loan for sari-sari stores with Fast-Moving Consumer Goods (FMCG) accreditation and require P300,000 or less, and the SME Tindahan Loan for sari-sari stores, mini groceries, dealers and distributors with FMCG accreditation and require more than P300,000.

MSMEs are allowed to apply for P50,000 up to P10 million loan depending on the financing programs that they will avail of.

For details, interested applicants may visit the website of SBCorp. through sbcorp.gov.ph.

Philippine Chamber of Commerce and Industry-Cordillera Gov. Deimler Cuyan said the program is timely especially with the fluctuating prices of oil products affecting businesses.

Cuyan reminded the small business entrepreneurs to be responsible business owners.

“I hope that as entrepreneurs, we have the sense of responsibility because we are given financial assistance wherein the objective is to help us how to fish. We, as recipients, should also have self-discipline and (sense of) responsibility for our operations,” he said.

The SBCorp. also conducted a ceremonial signing of approved loan applications for the RISE UP Program.

This was witnessed by Cuyan, Bastillo, SBCorp. North Luzon Group Head Arell Bañez, and DTI-Cordillera Director Juliet Lucas.

The event was attended by various industry associations, SBCorp client borrowers, and other government agencies. – Debbie E. Gasingan