Crisis-hit micro, small firms in NegOcc seek DTI financing

By Erwin Nicavera

May 12, 2020, 8:40 pm

<p><em>Photo courtesy of Small Business Corporation website</em></p>

Photo courtesy of Small Business Corporation website

BACOLOD CITY – At least 119 micro and small enterprises (MSEs) in Negros Occidental affected by the coronavirus disease 2019 (Covid-19) crisis have sought assistance from the Enterprise Rehabilitation Financing (ERF) Program of the Department of Trade and Industry (DTI).

Rachel Nufable, officer-in-charge provincial director of DTI-Negros Occidental, said on Tuesday they have forwarded the applications to the Small Business (SB) Corp., which is the agency’s financing arm.

The applications were either received through email or submitted to the DTI provincial office here.

Nufable said they started accepting applications on April 30 and qualified MSEs will be identified after the lifting of the enhanced community quarantine (ECQ) here on May 16.

“There’s no cut-off for the submission of applications, but the SBC will have to process and evaluate these before the enterprises can avail of the financing program,” she added.

The ERF, which is part of the SB Corp. Covid-19 Assistance to Restart Enterprises (CARE) Program, is a PHP1-billion facility under the Pondo sa Pagbabago at Pag-Asenso (P3) to support micro and small businesses affected by the economic impact of the Covid-19 pandemic.

It is intended for 100 percent Filipino-owned micro or small enterprises legitimately operating for at least one year before March 16 this year.

These enterprises are affected by the imposition of the ECQ throughout Luzon, including similar community quarantine declarations in the Visayas and Mindanao.

They must have an asset size of not more than PHP15 million, exclusive of the land on which the particular business entity's office, plant, and equipment is situated.

Micro enterprises can avail of PHP10,000 to PHP200,000 in loan with payment terms of up to 12 months and 24 months while small enterprises can get a loan of PHP200,000 to PHP500,000 with terms of up to 24 months.

“This financing intervention is hoped to enable micro and small enterprises to restart their operation and help spur employment and steer the local economy as we face the new normal,” Nufable said. (PNA)