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SBCorp of the Department of Trade and Industry approves P6-B loans for SMEs.

As of the end of October, the Small Business Corporation (SBCorp), the financing arm of the Department of Trade and Industry (DTI), has authorized more than PHP5.99 billion in loans for small enterprises.

According to SBCorp’s website, the Covid-19 Assistance to Restart Companies (CARES) loan program, which was supported by the Bayanihan 2, benefited 36,661 micro, small, and medium enterprises (MSMEs).

Under the Bayanihan CARES HEROES program, the same loan program supported 812 repatriated overseas Filipino workers (OFWs).

Due to the pandemic, displaced OFWs received a total of PHP45.6 million in loans.

Meanwhile, on October 31, SBCorp temporarily halted applications for the Bayanihan CARES 2 program to allow for loan applications for the 13th-month pay loan facility.

“Loan applications received after October 31 will be handled beginning January 2022,” according to the DTI’s financial arm.

SBCorp also offers interest-free loans to enterprises in need of 13th-month cash through its 13th-month pay loan program.

SBCorp can extend PHP50,000 to PHP200,000 in loans to micro and small businesses to fund their employees’ 13th-month wage, according to DTI Secretary Ramon Lopez.

Micro and small enterprises can register at sbcorp.gov.ph/13th-month-pay-loan-facility/ if they want to apply for the 13th-month pay loan facility.

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