BAGUIO CITY (PIA) -- The Small Business Corporation (SBCorp), a Government-Owned and Controlled Corporation and an attached agency of the Department of Trade and Industry (DTI), launched on Thursday (July 21) in Baguio City the RISE UP Program regional roadshow in North Luzon.
 
The RISE UP stands for  ”Resilient, Innovative, and Sustainable Enterprises, Unleash your Powers” which aims to offer loans for Micro, Small and Medium Enterprises (MSMEs) who survived the COVID-19 pandemic.

"This is a program that provides multipurpose loans to MSMEs. It aims to sustain your gains because you have survived the past two years of crisis and you are poised to regrow your businesses," said Robert Bastillo, the Innovation and Advocacy Group Head of the SBCorp.
 
Under the program are three sub-programs namely RISE UP Multi-purpose loan to help sustain the gains of the multi-sectoral MSMEs that have survived the past two years of crisis, the RISE UP Turismo which aims to assist MSMEs in the tourism sector to recover from the adverse effects of the pandemic, and the RISE UP Tindahan to help sustain retail stores, dealers and distributors who have survived the pandemic.

The RISE UP Multi-purpose Loan has three products - Micro Multi-Purpose Loan for all multi sectoral enterprises that need P300, 000.00 or lesser, the Suki Loan for existing borrowers of SBCorp in good standing with at least six months repayment track record and need more than P300, 000.00, and the First Timer Loan for first time borrowers of SBCorp who need more than P300, 000.00.

Under the RISE UP Turismo are  the Micro TURISMO Loan and the SME TURISMO Loan, both with no interest but have a one-time service fee ranging from 4% to 8% depending on repayment term.

Meanwhile, the RISE UP Tindahan loans include Micro Tindahan Loan for sari-sari stores with Fast-Moving Consumer Goods (FMCG) accreditation and require P300, 000 or less, and the SME Tindahan Loan for sari-sari stores, mini groceries, dealers and distributors with FMCG accreditation and require more than P300, 000.00.

MSMEs are allowed to apply for P50, 000.00 up to P10-million loan depending on the financing programs that they will avail of.

For additional details, interested applicants may visit the website of SBCorp through sbcorp.gov.ph.

 Philippine Chamber of Commerce and Industry - Cordillera Regional Governor Deimler Cuyan said that the program is timely especially with the fluctuating prices of oil products affecting businesses. With this opportunity, Cuyan reminded the small business entrepreneurs to be responsible business owners.

"I hope that as entrepreneurs, we have the sense of responsibility. Why? Because we are given financial assistance wherein the objective is to help us how to fish. We, as recipients, should also have self-discipline and (sense of) responsibility for our operations," he reminded.

 
The SBCorp also conducted a ceremonial signing of approved loan applications for the RISE UP Program. This was witnessed by Cuyan, Bastillo, SBCorp North Luzon Group Head Arell Bañez, and DTI-CAR Regional Director Juliet Lucas.

The event was attended by various industry associations, SBCorp client borrowers, and other government agencies. (JDP/DEG-PIA CAR)