A new loaning program for micro, small and medium-sized enterprises (MSMEs) was opened by the Department of Trade and Industry (DTI) through Small Business (SB) Corp.
The program is called RiseUP, which targets several sectors, even those with fast-moving consumer goods and involved in travel. This aims to help in the recovery of the economy after the devastating effects of the global health crisis.
The program is also intended to sustain the strength and resilience of Filipinos, so they can rise again post-restrictions and lockdowns, Trade Secretary Ramon Lopez said.
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With the said program, MSMEs coming from any industry can apply for loans from Php10,000 to Php5 million with repayment terms of up to 3 years.
If a MSME loans up to Php300,000 or less, the grace period is up to 12 months. On the other hand, MSME loans more than Php300,000 will be given a grace period that can exceed 12 months or up to half of the repayment period.
To qualify for the DTI RiseUp loan program, the business must be Filipino-owned, with at least a year of track record.