MICRO, small and medium entrepreneurs (MSMEs) whose businesses were adversely affected by the enhanced community quarantine are set to receive financial assistance from the Department of Trade and Industry (DTI).
DTI-Central Luzon, in a statement, disclosed that the agency is eyeing the allocation of additional P1-billion on its emergency relief package to help MSMEs and mitigate the sharp downturn in the local economy.
If approved, the loan will be administered by the Small Business Corporation through its field offices throughout the country as an addition to the regular Pondo sa Pagbabago at Pag-asenso (P3) of the SB Corporation, the agency noted.
Under the proposed package, DTI said MSMEs may avail of a loan with very low interest of only 0.5 percent per month.
To help MSMEs tide over the lower economic activity, the department is also providinv a prolonged grace period in conditions of the loan until such time that the Covid-19 crisis has abated.
Half of the proposed P1-billion allocation will be reserved to small entrepreneurs whose asset size is valued up to P10-million, whole while micro entrepreneurs whose asset size is P3-million or below may avail of loan of up to P500 thousand will be provided.