embed embed2
  • Micro Or Small Business Owner? How To Borrow Up To P500,000 From DTI

    Here's a step-by-step guide on the application process and the requirements you'll need.
    by Kitty Elicay .
Micro Or Small Business Owner? How To Borrow Up To P500,000 From DTI
PHOTO BY Zhu Hongzhi/Unsplash
  • A number of businesses were affected by the enhanced community quarantine (ECQ) and COVID-19 pandemic, with some choosing to permanently shut down because of it. If you have an existing micro or small businessSmall Business (SB) Corp, a government-run corporation under the Department of Trade and Industry is offering loans that can help you cope through this trying time.

    Businesses operating for at least a year before the ECQ started in March 2020 and those whose business registration is valid up to that month can avail of the loans under the COVID-19 Assistance to Restart Enterprises (CARES) program, according to SB Corp president and CEO, Ma. Luna Cacanando.

    In a radio interview with DZMM’s Teleradyo, Cancanado said that SB Corp has set aside Php1.6 billion for the program.

    What other parents are reading

    Micro businesses with an asset size of up to Php3 million may borrow up to Php200,000, while small businesses or those whose asset size amounts to a maximum of Php15 million may borrow up to Php500,000, according to the SB Corp website.

    ADVERTISEMENT - CONTINUE READING BELOW

    Those availing of the loans can pay in 30 monthly installments with a grace period of 6 months (meaning they can start paying on the 7th month). The interest rate is about 2.2 percent per year, said Cancanando.

    CONTINUE READING BELOW
    Recommended Videos

    Since the announcement of the program, SB Corp has already received 10,000 loan applications from micro and small businesses. But she assured that the government is already planning a stimulus fund with other government-run corporations and will be allocating funds for the program to help recovering businesses until next year.

    They have also set a fund for repatriated Overseas Filipino Workers, who can avail of loans up to Php100,000 with a 1-year grace period.

    What other parents are reading

    Step-by-step application for CARES program

     To apply for the CARES program, call their hotline at (02) 8651-3333 for guidelines. You may also visit www.sbgfc.org.ph for the application form and submit the accomplished form and requirements to the nearest SB Corporation office or Negosyo Center in areas under general community quarantine (GCQ) or modified GCQ.

    ADVERTISEMENT - CONTINUE READING BELOW

    Below are the steps for the online loan application.

    1. Visit www.brs.sbgfc.org.ph and create an online account.
    2. Start the application process.
    3. Attach the required documents on the same page. Click finish when done.
    4. An SB Corp account officer will get in touch with you to discuss your application. Additional information or documents may be requested if necessary.

    Note that all applications shall be subject to the loan credit criteria and policies of the CARES program.

    What other parents are reading

    Requirements for CARES program loan application

     According to SB Corp’s website, all borrowers must submit the following mandatory requirements:

    • Fully-accomplished loan application
    • One government-issued ID with picture
    • Proof of permanent business address

    Requirements will vary depending on the amount of loan you wish to avail.

    Minimum loan of Php10,000 up to 50,000

    • Should have physical assets (e.g. food cart, simple equipment, inventory)
    • Barangay Business Certification/Permit

    More than Php50,000 to Php150,000

    ADVERTISEMENT - CONTINUE READING BELOW
    • DTI / SEC business registration
    • Barangay business certification or permit

    More than Php150,000 up to Php200,000

    • DTI / SEC business registration
    • Mayor’s Business Permit
    • Post-dated checks
    What other parents are reading

    More than Php200,000 up to Php300,000

    • DTI / SEC business registration
    • Mayor’s Business Permit
    • Post-dated checks
    • 2019 Financial Statements

    More than Php300,000 up to Php500,000

    • DTI / SEC business registration
    • Mayor’s Business Permit
    • Post-dated checks
    • 2019 Financial Statements
    • BIR Certificate of Registration

    For more information visit SB Corp’s Facebook page at facebook.com/PondoSaPagbabagoAtPagasenso or email them at p3-cares@sbgfc.org.ph

    Thinking of working from home? Click here for a small business idea that you can start with a small capital.

    What other parents are reading


View More Stories About
Trending in Summit Network
View more articles