BINMALEY, Pangasinan (PIA) — The Land Bank of the Philippines is extending a helping hand to businesses in Pangasinan affected by recent typhoons.
The state-owned bank is encouraging affected entrepreneurs to take advantage of its Community Assistance and Reintegration Support Plus (CARES+) lending program, which provides financial assistance for recovery efforts.
Following the declaration of a state of calamity in Mangatarem and Calasiao due to typhoons Carina and Enteng, Landbank is offering loans of up to 80 percent of the total project cost to help businesses get back on their feet.
Ma. Kaye Centeno, account officer of Pangasinan Lending Center, said that eligible expenses include repairs and reconstruction of damaged facilities, equipment purchases, working capital, and capital expenditures.
To support electric distribution utilities, the program offers short-term working capital to cover rising costs associated with generation and distribution.
She said the application duration is within two years following the declaration of a state of calamity.
“Para naman sa mga lugar na may giyera o ‘yong armed conflict o war-devastated areas, the program can be availed within three years mula nang mai-declare na safe for rehabilitation ang kanilang lugar,” she said during the recent Pantongtongan Tayo program of the Philippine Information Agency (PIA)-Pangasinan.
(For areas affected by armed conflict or war-devastated, the program can be availed within three years from the time they are declared safe for rehabilitation.)
Centeno stated that the initial application requirements for the loan assistance mentioned for small businesses, depending on their sector, include permits from the Department of Trade and Industry, a business license, at least three financial statements, and a cost estimate for repairs.
For the electric distribution facilities, they will need to provide a certificate outlining the necessary projects.
Centeno said the program has an annual interest rate of seven percent, with repayment terms available from five to 10 years.
Affected individuals are advised to visit the nearest Landbank lending center for guidance on the complete process and requirements for obtaining a loan.
For those near the Dagupan branch, it is located at the AB Fernandez Avenue Downtown District.
For those closer to the Urdaneta branch, it can be found on MacArthur Highway.
LANDBANK Pangasinan Lending Center has assured that it has sufficient funds to support individuals in their fast recovery and help restore facilities affected by disasters. (AMB/JCDR/AQA/PIA Pangasinan)
