The Department of Trade and Industry (DTI) on Thursday launched the Enterprise Rehabilitation Financing (ERF) in partnership with the Small Business Corp. (SBCorp) to help micro, small and medium enterprises (MSMEs) bounce back before Christmas following the onslaught of Severe Tropical Storm Kristine (International name Trami).
“We really need this fund out there to help the people to be able to bounce back, especially malapit na ang Pasko (because Christmas is near),” DTI Secretary Christina Roque said in a hybrid press conference.
“They could also take advantage of (the) Christmas season to be able to sell a lot of their products and to be able to have a merry Christmas also.”
Under the ERF, which has a PHP2 billion fund, affected MSMEs in areas placed under a state of calamity can avail of a loan from SBCorp with a ceiling of PHP300,000, payable monthly for up to three years with zero interest and zero principal payment for the first year.
For the second year, the interest rate will be 1 percent monthly based on the diminishing balance for the succeeding years.
The ERF also includes a three-month grace period for interest and principal.
“This loan is really designed to really help those that were affected by typhoon Kristine. So, I encourage everyone from Luzon and all the affected areas to take advantage of this loan program,” Roque said.
Eligible MSMEs may avail of the loan within three processing days. Applications can be done online via the SBCorp loan portal.
The loan program will be available for affected MSMEs until Dec. 31. (PNA)
