With the Bayanihan to Recover as One Act signed into law, a P10-billion fund has been allotted to the Small Business Corporation (SBCorp) to expand its Covid-19 Assistance to Restart Enterprises (Cares) Program.
Also to be made available through the fund is the Cares for Tourism Rehabilitation and Vitalization of Enterprises and Livelihood or Cares for Travel Program, which is allotted P6B out of the total fund.
SBCorp will start accepting applications for the Bayanihan Cares Program on Oct. 26 to help micro, small, and medium enterprises recover and ensure that workers keep their jobs.
Based on the guidelines, MSMEs with Bureau of Internal Revenue-filed financial statements for 2018 or 2019 with no major negative credit track record are assured of a loan under the program.
MSME applicants who cannot submit a BIR-filed financial statement may submit their barangay or municipal business permits, photos or videos of business assets, and proof of sales for certain loan sizes.
Loan amount to be granted will be based on the MSME applicant’s asset size and annual sales. However, additional limits to the loan size will be observed to ensure more MSMEs will benefit from the program.
Loans will have a one-time front-end service fee ranging from four to eight percent depending on the number of years the applicant will pay.
Loan term can be up to four years and grace period up to six months. Certain industries such as tourism can be granted a longer grace period of up to 12 months.
Bayanihan Cares applications may be submitted through the SBCorp’s online loan application system at https://brs.sbgfc.org.ph starting Oct. 26.
For more information, visit the SBCorp website at www.sbgfc.org.ph or call 8651-3333. – Press release