MANILA – The Small Business (SB) Corp. targets up to 60,000 more micro, small and medium enterprises (MSMEs) to benefit from the zero-interest Covid-19 Assistance to Restart Enterprises (CARES) program this year.
“With the available funds from the Bayanihan 2, we hope to reach 50,000 to 60,000 MSMEs this year,” SB Corp. chief media communication officer Azel Solano said in Filipino during the Laging Handa briefing Thursday.
The Bayanihan to Recover as One Act or the Bayanihan 2 allocated PHP10 billion for SB Corp. to continue the rollout of the CARES program.
CARES program is also a collateral-free loan provided by the SB Corp. to existing MSMEs that were affected by the coronavirus disease 2019 (Covid-19) pandemic.
As of Feb. 9, SB Corp. reported they approved 21,659 applications with a total loan amount of PHP2.35 billion.
With the push for Bayanihan 3 that will allocate additional funds to MSMEs, Solano added the SB Corp. will support any moves that will assist Filipino enterprises to survive amid the pandemic and get back to their businesses.
She said with the potential source of additional funds, SB Corp. will be able to roll out various programs for MSMEs.
“Nationwide, we have 1 million MSMEs,” she said. “And there are (a) lot more that needs help.”
Solano said there have been signs of recovery of MSMEs with the continued support to the sector.
She added the number of MSMEs that remained closed late last year was only 5 percent, way lower than the high of 38 percent when they started the interview in mid-2020. (PNA)
