Chief Presidential Legal Counsel Atty. Salvador Panelo on Sunday said that at least 29,695 loan applications of small and medium enterprises (SME) have been approved by the Small Business Corp. (SBC), the financing arm of the Department of Trade and Industry (DTI), as part of the government’s effort to help those affected by the coronavirus disease (Covid-19) pandemic.
In his daily online program, “Counterpoint,” Panelo added that the program is part of the Bayanihan Covid-19 program of the DTI to provide loans to micro and small enterprises so that they can start their own business.
“Based on the report of the Small Business Corp. of the DTI, as of 9 February or two days ago, a total of 29,695 loan applications were approved for those who want to start their own business,” Panelo noted.
Streamlined processing
He added that Trade Secretary Ramon Lopez also assured that the DTI has streamlined the processing of loan applications to ensure that SME can immediately start their operations.
“The DTI has lessened the process so that more businesses can avail of the services being offered by the SB Corp. It said that the evaluation on loan requests is being done within seven days. It will be shorter if the documents needed to be submitted are complete. The application will be approved immediately,” he noted.
“According to Secretary Mon Lopez, they have zero backlog in their loan evaluation. The funding, as part of the Bayanihan program, with no interest and there is no collateral needed,” Panelo explained.
He added that aside from the SME, also covered by the program are cooperatives, hospitals, micro-enterprises and tourism businesses.
“Also covered are returning overseas Filipino workers who want to start their own business. They can apply for loans but of course they need to undergo training to ensure that they know how to operate a business. If you do not know how to operate your business, it will be useless,” he noted.
Panelo said that those who are interested in the government’s program can submit their application to www.BayanihanCARES.ph.
