City of San Fernando—A total P10.32 million cash loan has been approved for release to 112 Pampanga Small and Micro Enterprise by the Department of Trade and Industry-Small Business Corporation, the agency said in a statement.
The loan package is part of the government financial assistance to SMEs under the "Pondo sa Pagbabago at Pag-asenso Covid 19 Assistance to Restart Enterprises" (P3-CARES), said DTI3 regional director Judith Angeles.
Pampanga has the most number of loans approved as compared to other provinces in Central Luzon, followed by Nueva Ecija with 110 SMEs with P7.37-million;
Bulacan 89 loans granted with P8-million; Zambales 64 with P4.1 million; Aurora 63 loan applicants with P3.61 million; Tarlac 60 with P6.4 million and Bataan 52 with P3.85 million for a total of P43.6 million financial assistance for the entire Central Luzon SMEs.
Angeles said of the 2,040 loan applicants, only 550 had been granted by the SB Corporation under the P3 CARES program of the government a year after it announced accepting loan applications from SMEs in the region.
“The P3 CARES program is part of the Enterprise Rehabilitation Financing program of DTI to assist establishments affected by the quarantines imposed throughout the country,” she said.
The financial assistance program of the DTI-SB Corp which intends to help SMEs to recover and restart their business after the downturn brought by the Covid-19 pandemic.
Pampanga Governor Dennis Pineda thanked DTI-SB Corp for the financial assistance to SMEs, saying the timely approval and release of loan applications would boost the local economy extremely affected by the lockdown due to coronavirus pandemic.
Under the CARES program, enterprises may avail themselves of zero interest loans ranging from P10,000 to 500,000, 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 may visit 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.
