CARES Loan Signing. Trade Secretary Ramon Lopez (center) on
July 3, 2020 witnessed the loan signing of the initial 15
borrowers from NCR and 26 borrowers from the Cordillera
Administrative Region of the P3 CARES Loan Program. Also in
photo are Trade Undersecretary for Regional Operations and
SB Corporation Acting Chairman Blesila Lantayona and SB
Corporation President and CEO Ma. Luna Cacanando.
starts P3 CARES loan release
July 10, 2020
MAKATI CITY Ė The
Small Business Corporation has started releasing loans under its
COVID-19 Assistance to Restart Enterprises (CARES) program to micro
and small enterprises to help affected enterprises recover from
losses due to unprecedented setbacks that their businesses faced
during the pandemic.
As of July 8, 2020, a
total of P22 million was released to 286 P3 CARES loan
beneficiaries. Of this total, 71 are from Cavite, Laguna, Batangas,
Rizal, and Quezon (CALABARZON), 52 from National Capital Region
(NCR), 46 from Cordillera Administrative Region (CAR), 25 from Bicol
Region, 22 from Central Visayas, 26 from Eastern Visayas, 18 from
Mindoro, Marinduque, Romblon and Palawan (MIMAROPA Region), 12 from
Cagayan Valley Region, 7 from Western Visayas, 6 from Ilocos Region
and 1 from CARAGA Region.
Last July 3, Department of
Trade and Industry (DTI) Secretary Ramon M. Lopez witnessed the loan
signing of the initial 15 borrowers from NCR and 26 borrowers from
the Cordillera Administrative Region.
The total number of
approved loans to date is 2,419 accounts with a loan value amounting
to P178.2 million. The SB Corporation looks to complete the
disbursement of the P1-billion fund earmarked for this program by
the end of August.
The CARES Program is part
of the administrationís economic relief program for micro and small
enterprises affected by the COVID-19 pandemic. The SB Corporation,
an attached agency under the DTI, supervises the CARES Program.
Under the CARES program,
micro and small enterprises operating for at least a year prior to
March 16 and with an asset size not exceeding P15 million can tap
Micro enterprises with
asset size of not more than P3 million may borrow from P10,000 to
P200,000 while small enterprises with asset size of not more than
P15 million may borrow as much as P500,000. Interest rate on the
loan is pegged at 0% payable for 18 to 30 months.
The loan shall be used to
help the enterprise stabilize or recover from its losses. Micro and
small enterprises may use the loan for the following purposes:
Updating of loan amortizations for vehicle loans or other fixed
asset loans of the business; Inventory replacement for perishable
stocks damaged; and Working capital replacement to restart the