At least 144 micro, small and medium enterprises (MSMEs) in the Cordillera have qualified for loans provided by the Small Business Corp. in northern Luzon (SBCorp-NL).
Mylvie Almosora of the SBCorp-NL in an interview Thursday said the approved loans amount to PHP14.67 million under the RISE UP (Resilient, Innovative, and Sustainable Enterprises, Unleash your Powers) program.
The program aims to sustain the gains of micro entrepreneurs that have survived the past two years of crisis by providing multi-purpose loans that have soft terms and can be easily accessed.
The eligibility is for the multi-sectoral MSMEs, including existing enterprises that have at least one year of formal existence.
The SBCorp, the financing arm of the Department of Trade and Industry (DTI), launched the loan program for MSMEs to open MSME key sectors such as fast-moving consumer goods and tourism that want to level up as the economy recovers from the effects of the coronavirus disease 2019 (Covid-19) pandemic.
MSMEs are allowed to apply for PHP50,000 up to PHP10-million loans depending on the financing programs they avail.
A total of 334 MSMEs applied for the program since January.
The applicant has to comply with the requirements within a certain number of days and failure to do so will terminate the application.
Juliet Lucas, regional director of the DTI- Cordillera, said start-up MSMEs can be assisted by the government through capacity-building training, mainstreaming, and coaching assuring their readiness for financing. (PNA)