CITY OF SAN FERNANDO -- The Department of Trade and Industry reported that as of August 10, 2020, a total amount of P43.6 million worth of loan applications made by local micro and small enterprises with the Small Business Corporation (SBC) in Central Luzon were approved for release.
Based on data provided by the SBC, 2,040 applications were received for the Pondo sa Pagbabago at Pag-Asenso (P3) Covid-19 Assistance to Restart Enterprises (CARES). The P3 CARES program is part of the Enterprise Rehabilitation Financing program of the agency to assist establishments affected by the quarantines imposed throughout the country.
Of the total P3 CARES loan applications, 550 applications have been processed and approved in the total amount of P43,617,000.00. Entrepreneurs from Pampanga registered the greatest number of loans approved with 112 amounting to P10.32 million. Nueva Ecija had 110 loans approved amounting to P7.37 million while Bulacan had 89 approved loans totaling P8 million. Zambales had 64 loans worth P4.1 million, Aurora had 63 loans worth 3.61 million while Tarlac had 60 approved loans worth P6.4 million and Bataan had 52 approved loans worth P3.85 million.
The P3 CARES program is a loan program of the Small Business Corporation which intends to help micro and small enterprises recover and restart their business after the downturn brought by the Covid-19 pandemic. Under the CARES program, enterprises may avail of Zero-interest loans ranging from P10,000 to P500,000, payable within 12 to 24 months. The program also includes a six-month grace period for principal repayment.
To avail of the program, prospective applicants can visit the website of Small Business Corporation at www.sbgfc.org.ph, where they can download the application form. They can also file their application online at https://brs.sbgfc.org.ph or visit the local SB Corporation or DTI Negosyo Center. Among the requirements for loans are submission of application form, government issued ID and proof of business. All loan applications will be evaluated by an account officer who will conduct credit investigation. (PR)