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DTI approves 290M in loans for MSMEs in Mimaropa

The Department of Trade and Industry (DTI) – Mimaropa has so far endorsed the approval of financial loans amounting to P290-million to over 2,000 borrowers affected by the pandemic through the Small Business Corporation’s (SBCorp) Bayanihan COVID-19 Assistance to Restart Enterprises (CARES) Program, as of 25 August 2021. 

Micro, small, and medium enterprises (MSMEs) with businesses operating for one year, may avail of the Bayanihan CARES program with a loanable amount from P10,000 up to P5-M with a grace period of up to 12 months or one year, no collateral required, and with no interest.

Since the start of this year, SBCorp has approved a total of 2,596 loan applications from MSMEs in Mimaropa, coursed through the different DTI provincial offices and Negosyo Centers. Some P250-M worth of loans were already released to 2,300 borrowers as of August 2021. 

According to SBCorp, 238 loan applications were approved in Marinduque amounting to P20 million, 374 approved loan applications amounting to P37 million in Occidental Mindoro, 770 approved loan applications amounting to P98 million in Oriental Mindoro, 1,078 approved loan applications amounting to P124 miiion in Palawan, and 136 approved loan applications amounting to P136 million in Romblon. 

Furthermore, SBCorp has also approved P25 million of loans under the CARES for Tourism Rehabilitation and Vitalization of Enterprises and Livelihood (CARES for TRAVEL) program that extends loan assistance to MSMEs from the tourism industry in MIMAROPA. 

DTI-Mimaropa Regional Director Joel B. Valera eyes the approval and release of financial loans to more MSMEs in the region as relief efforts continue to help affected businesses restart and recover from the ongoing pandemic. 

Interested applicants may visit the nearest DTI Mimaropa Provincial Office or Negosyo Center for inquiries on how to avail of the Pondo sa Pagbabago at Pag-asenso (P3) CARES Program. For more information, individuals may contact the SBCorp or visit www.sbgfc.org.ph/ for online applications. (DTI MIMAROPA)

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Victoria Asuncion Mendoza

Regional Head

Region 4B

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