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Thursday, March 28, 2024

DTI XI Starts Accepting Loan Application From Micro, Small Businesses

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Davao City:   The Department of Trade and Industry (DTI 11) has so far received and processed 1,000 loan applications from micro and small enterprises  which have been endorsed to the Small Business Corporation (SBC) for final assessment.

Announced during the One Davao on COVID19 Virtual Presser yesterday, DTI Davao City Director Rachel Remitio encouraged qualified business owners whose business’ asset size may be between 3 million to 30 million to avail of this loan package intended for business owners affected by the COVID19 pandemic.

“ The total allocated amount for this program for the entire country is P700 million. There is no amount indicated to be allocated for the region. That’s why we need to come up with our list and submit it to SBC Davao so more businesses can avail of this loan facility,” Remitio said.

In Davao de Oro, DTI Provincial Director Atty. Lucky Siegfried Balleque bared in the same virtual presser that the office has received 227 inquiries since May 22, endorsed to the regional office 108 applications which is currently being assessed by the SBC.

“ In addition to that, we have endorsed a list of 28 more applications from micro and small entrepreneurs who can avail of the loan package”, Balleque said.

The DTI XI has started the information campaign about this loan facility in April when they identified potential micro and small enterprises, assessed them, and completed profiling so that when the loan facility will be made available for application, it would then be easier for the office to handle the application process.

Remitio clarified that the SBC has not yet set a deadline for applications. The DTI accepts all inquiries and does the profiling of applicants.

The loan package has a payment term of 24 months with a possible grace period of up to 6 months with a very low interest rate of 0.5% per month. (PIA XI/Frances Mae Macapagat)

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