SB Corp rolls out rehab program for MSMEs in Siargao affected by Typhoon Odette
DAPA, Surigao del Norte -- Small Business Corporation (SB Corp.), the financing arm of the Department of Trade and Industry (DTI), will be providing an Enterprise Rehabilitation Financing (ERF) support to micro, small and medium enterprises (MSMEs) that were adversely affected by Typhoon Odette in a form of low interest and collateral-free loans.
The forum about the ERF was conducted on Monday, February 8, in the municipality of Dapa spearheaded by Executive Vice President and Chief Operations Officer (COO) Santiago Lim, SB Corp ERF Team, and DTI Surigao del Norte provincial office, with the president and officers of Siargao Chamber of Commerce and Industry, Chamber of Commerce and Industry and General Luna municipal mayor Cecilia Rusillon in attendance.
During his message, Lim emphasized that the said program will be
available to existing and new borrowers as well as MSMEs under the tourism
industry. Caroline Macabenta, OIC Mindanao Group Head of SB Corp, on the
program overview said that MSMEs may borrow up to Php800,000 for existing
borrowers and Php300,000 for new borrowers.
For tourism MSMEs, total loan shall not exceed Php5 million per
borrower, inclusive of existing loan. Loan term will be payable in 3-5 years.
The interest rate shall be at 6% per annum for existing and new borrowers while
for tourism MSMEs, it will be at 4-8% based on existing Bayanihan CARES
(Covid-19 Assistance to Restart Enterprises) service fee structure depending on
the loan term. (DTI-Surigao del Norte/PIA-Surigao del Norte)
