The enhanced community quarantine in Luzon is currently in its third week. While many of us are working from home, a huge portion of our society is without income for the time being. This includes Grab drivers who are currently jobless because of the suspension of public transportation.
To address this issue, the Department of Trade and Industry (DTI) recently announced that it will offer loans to micro and small businesses. The said program also includes drivers who bought a car on loan to be used for Grab services.
Small enterprises are those with an asset value of up to Php15 million and may avail a loan that ranges from Php200,000-Php500,000. Meanwhile, micro-businesses with asset size of Php3 million or below may get a credit amounting from Php5,000-Php200,000.
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The said loaning scheme will be payable in two to three years with a low monthly interest of 0.5% and an extended grace period.
Lopez also stressed that collateral is not necessary for this kind of loan. However, Grab drivers may use their car as collateral if they wish to get a larger loanable amount.
Application for the loan will be available online or in any of DTI Negosyo centers across the country.