THE Department of Trade and Industry (DTI) in Negros Occidental has already received applications for financing, through the Covid-19 Enterprise Rehabilitation Financing (ERF) Program, from 119 micro and small enterprises (MSEs) in the province.
Rachel Nufable, officer-in-charge provincial director of DTI-Negros Occidental, said these applications received through email and actual submission at their office in Bacolod City were already forwarded to Small Business Corporation (SBC) in the province.
Nufable said they started accepting applications on April 30, and qualified MSEs will be identified after the lifting of the Enhanced Community Quarantine (ECQ) comes May 16.
"There's no cut off for the submission of applications but the SBC will have to process and evaluate before these enterprises can avail of the financing program," she said, adding that "the program aims to help local enterprises to bounce back amid this pandemic."
The ERF is under the Small Business Corporation Covid-19 Assistance to Restart Enterprises (Care) Program.
This is intended for 100 percent Filipino-owned micro or small enterprises legitimately operating for at least one year prior to March 16 this year.
These enterprises are affected by the imposition of the ECQ throughout Luzon including similar community quarantine declarations in the Visayas and Mindanao.
Also, they must have an asset size of not more than P15 million, exclusive of the land on which the particular business entity's office, plant and equipment is situated.
Micro enterprises can avail of P10,000 to P200,000 in loan with payment terms of up to 12 and 24 months.
Documentary requirements under this category included fully-accomplished application form and signature card, one government identification card with picture, barangay business certification or permit, proof of permanent business address, DTI or Securities and Exchange Commission (SEC) business registration, Mayor's Business Permit and post-dated checks.
For small enterprises, they can avail of P200,000 to P500,000 in loan with terms of up to 24 months.
In terms of requirements, the same documents like that for micro enterprises are required plus audited or in-house 2019 financial statements and Bureau of Internal Revenue (BIR) Certificate of Registration.
The DTI-Negros Occidental top official said though its a loan program, the interest rate is lower at six percent per annum.
Nufable said establishments that have stopped operations during this health crisis definitely have no sales. Those which have opened still have low sales due to issue on mobility.
"This financing intervention is hoped to enable micro and small enterprises to restart their operation," she said, adding that "this will help spur employment and stir local economy as we face the new normal."
DTI-Negros Occidental urged Negrense enterprises, particularly micro and small, to avail of the program.