THE Small Business Corp. (SB Corp.) is set to reopen its Covid-19 Assistance to Restart Enterprises (Cares) Program online Borrower Registration System (BRS) on Monday, Aug. 17, 2020.
Online loan applications received prior to this date are already on the final stages of processing, maintaining a queuing of first-come, first-served basis, the agency announced on its Facebook post.
To distinguish it from the initial run of the program, Cares 2 will require all applicants to apply through SB Corp.’s online BRS found in this link: https://brs.sbgfc.org.ph.
Manual applications will no longer be accepted.
The loan features of Cares 2 are similar to those of Cares 1 including loan limit, zero interest rate, service fee, grace period and repayment term. The same identification and business registration documents are required.
However, for ease of loan release as well as to reduce physical contact and minimize transmission of Covid-19, loan applicants under Cares 2 who are applying for loans of more than P30,000 are required to have a bank account where SB Corp. can deposit the approved loan amount.
The bank account should either be Land Bank of the Philippines or any PesoNet or InstaPay participating banks.
Requirements
For loan applications P30,000 and below, electronic money accounts (EMA) such as GCash and PayMaya may substitute for the bank account requirement.
Moreover, loan applicants in Cares 2 will also be required to submit the following—three photos of the enterprise’s operations and fixed assets, inclusive of business signage; image file size should be limited to less than two MB; and a one- to three-minute video on the business’ operations, with the loan applicant explaining the enterprises’ products and services, buyers and suppliers, level of sales and number of employees. (JOB with PR)