The Ilocos Norte government, through its Micro, Small and Medium Enterprise Office (MSMEO), has started implementing its zero-interest micro-financing program for small business owners to boost their growth and development.
Elma Gabriel, head of the MSMEO, confirmed this on Friday after the launch of SAGUT, also known as “Sustainable Assistance for Growth and Upliftment of Traders.”
Gabriel said this zero-interest, milestone-based loan program supports MSMEs through phased financing, business readiness verification, and flexible repayment options to help sustain the growth of innovators and entrepreneurs.
“This year, we have allocated over PHP3 million for the loan assistance program. It aims to help boost the growth of startups and existing businesses that need extra capital to develop more products or expand their markets,” she said in an interview.
As of now, downloadable forms for the loan application program with a co-borrower are available. All eligible and qualified borrowers are required to submit a business plan.
Each successful applicant can borrow up to PHP150,000, to be repaid over 24 months, with a three-month grace period starting from the full loan release.
Target beneficiaries are those who participated in business incubation at the Ilocos Norte MSME Incubation Center.
Priority clusters include weaving and crafts, agri-processing, bamboo and coconut products, food and culinary ventures, and leader and other locally sourced industries. (PNA)
