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The Department of Commerce and Industry (DTI) said that micro, small and medium-sized enterprises (MSMEs) affected by the Covid-19 crisis could take advantage of a credit program from Small Business Corp. (SB Corp.) to secure funds for the payment of the thirteenth month. of your employees.
In a Viber message to reporters on Tuesday, Commerce Secretary Ramón López said interested MSMEs will undergo the same procedure as other companies to obtain loans for working capital and operations.
“Just like the Cares program. Existing companies [with] operations of more than one year [will be allowed to borrow},” he said.
DTI through SB Corp. earlier launched the Covid-19 Assistance to Restart Enterprises (Cares) Program to help businesses recover from the impact of the coronavirus disease 2019 pandemic.
The Cares program allows micro and small enterprises operating for at least a year prior to March 16 and with an asset size not exceeding P15 million to tap the program.
Micro enterprises with an asset size of not more than P3 million may borrow between P10,000 and P200,000, while small enterprises with an asset size of not more than P15 million may borrow as much as P500,000 with zero-percent interest and payable for 18 to 30 months.
Micro and small enterprises can use the loan for updating of loan amortizations for vehicle loans or other fixed asset loans of the business; inventory replacement for perishable stocks damaged; and working capital replacement to restart the business.
Labor Secretary Silvestre Bello 3rd disclosed DTI is willing to allot P4 billion out of the P10-billion secured funds from the Bayanihan to Heal as One Act as loans for MSMEs for the payment of their workers’ 13th month pay.
Lopez earlier backed the proposal for the government to help shoulder the cost of the 13th month pay for MSMEs severely affected by the pandemic.
“Any form of support to help micro and small enterprises and their workers. Either loan or subsidy,” he said.
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