The Philippine government is giving small businesses that have been negatively impacted by the pandemic an opportunity to start anew by means of a government loan.
Available via the Small Business Corporation, a government financial institution under the Department of Trade and Industry, the loan is part of the Covid-19 Assistance to Restart Enterprises (CARES) Bayanihan 2. The program offers a loan that is free of interest and collateral to micro, small, and medium enterprises.
Depending on assets and sales figures, a business may be granted with a loan of at least Php10,000 and up to Php5 million, with a maximum payment term of four years.
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Applicants can apply for the loan online. First, head to https://brs.sbgfc.org.ph and create an account. Proceed to the application process page, provide your personal and business information, and attach pertinent, required documents. These include proof of business address and a government-issued ID.
The next step is to wait for an SB Corp account officer to contact you and finalize the terms of your application. If approved, you’ll need to pay a one-time service fee that’s equivalent to eight percent of your loan, at most.
So far, SB Corp has approved 31,700 loan applications that total Php4.84 billion.