Release of loans for storm-hit SMEs ready

Workers attend to the chickens after their poultry was damaged by typhoon Yolanda. (CDN FILE PHOTO/ TONEE DESPOJO)

Small businesses  in northern Cebu that applied for government loans after they were hit by supertyphoon Yolanda may receive their assistance next week.

Francisco Buenavides, head of the government-owned Small Business Corp. (SB Corp.), said they endorsed 23 of the 32 applications mostly for  poultry businesses in Daanbantayan town  and Bantayan Island to their Manila office for approval.

“Some of these are already approved. We should start releasing of the loans by next week,” he said.  The loans were offered as part of the national government’s P100 million rehabilitation program for small businesses affected by November 2013’s Yolanda.

The loan amounts range from P200,000 to P5 million.

Regional Director Elias G. Tecson of the Department of Trade and Industry (DTI) said the loans will help speed up the recovery of small enterprises  in northern Cebu.

“They can come in loans or other assistance like what DTI is also doing through our Shared Services Facilities (SSF). We are collaborating with other agencies on how we can go about with rehabilitation and recovery,” Tecson said.

This year, DTI allocated P59 million for  SSF projects that Tecson said they hope to use to set up facilities that will help small and medium enterprises in Cebu recover and stay competitive.

“We want the businessmen to know that we are always willing to help and that they should maximize this assistance from the  government.  The sooner they recover, the sooner their employees also regain their livelihood and recover,” said Tecson.