Small business owners can avail of Department of Trade and Industry (DTI’s) loan program for micro, small, and medium-sized enterprises (MSMEs).
Small Business Corp., the financing arm of DTI, launched recently the new loan program called RiseUP. It is open to MSMEs involved in key sectors such as fast-moving consumer goods and tourism that want to level up as the economy recovers from the worst effects of the COVID-19 pandemic.
Teresita Esteibar-Magtanong of local DTI field office in Bataan, said the loan program had been existing since the advent of COVID-19. “In fact, marami na po ang nag-avail niyan lalo na nung kasagsagan ng pandemic. Ngayon mayroon nang minimal interest. Interested business owners puwede mag-apply through on-line, punta lang po kayo sa website ng SBC,” Ms. Magtanong said.
Under the RiseUP Multi-purpose, MSMEs regardless of industry can apply for a loan worth between P10,000 and P5 million, with a repayment term of up to three years.
The grace period is up to 12 months if the loan amount is more than P300,000, then the grace period can exceed 12 months or up to half of the repayment period.