The Small Business Corporation (SBCorp), the financing arm of the Department of Trade and Industry (DTI), reported it approved more than P5.99 billion worth of loans for small-scale businesses as of end-October.
In its website, SBCorp said a total of 36,661 micro, small and medium enterprises (MSMEs) benefitted under the Covid-19 Assistance to Restart Enterprises (CARES) loan program which was funded by the Bayanihan 2.
The same loan program also assisted 812 repatriated overseas Filipino workers (OFWs) under the Bayanihan CARES HEROES program.
A total of P45.6 million worth of loans were extended to displaced OFWs due to the pandemic.
Meanwhile, SBCorp temporarily suspended the application for Bayanihan CARES 2 program last October 31 to give way to loan applications for 13th month pay loan facility.
“Loan applications received after October 31 shall be processed starting January 2022,” DTI’s financing arm added.
Under the 13th month pay loan facility, SBCorp also provides interest-free loans to companies needing 13th month funding.
Earlier, DTI Secretary Ramon Lopez said SBCorp can extend P50,000 to P200,000 worth of loans to micro and small enterprises to cover their employees’ 13th month pay.
Micro and small businesses that are interested to apply for the 13th month pay loan facility may register through sbcorp.gov.ph/13th-month-pay-loan-facility/.*PNA