DTI-7 urges micro, small firms to get endorsement for P1-B rehab financing from provincial offices

By: Irene R. Sino Cruz - CDN Digital Correspondent | April 21,2020 - 02:36 PM

CEBU CITY, Philippines — The Department of Trade and Industry (DTI) in Central Visayas urges micro and small enterprises affected by the coronavirus 2019 outbreak to get in touch with their provincial offices and get an endorsement for the P1-billion Enterprise Rehabilitation Financing (ERF).

The ERF is implemented under the department’s Pondo sa Pagbabago at Pagasenso (P3) program, said Assistant Secretary Asteria Caberte, regional director of DTI-7.

The Small Business Corp. provides the funding for the ERF facility.

Although SB Corp. has yet to release the requirements and guidelines for the ERF, Caberte called on micro and small businesses to contact any of the DTI Central Visayas provincial offices to signify their interest and to get an endorsement to the SB Corporation.

She explained that the facility aims to restore and reinstate the financially distressed businesses during the COVID-19 pandemic.

“The loan facility is also open for businesses who want to re-structure or re-purpose their business operations to suit the recent demand of the market,” Caberte added.

Micro enterprises with an asset size of not more than P3-million can borrow P10,000 to P200,000 while small enterprises with an asset size of not more than P10 million can borrow a higher loan amount but not exceeding P500,000, she said.

She explained that borrowed funds can be used to update loan amortizations for vehicle loans or other fixed asset loans of the business; replace inventory for damaged perishable stocks; and as working capital replacement to restart the business.

Caberte disclosed that a grace period on payments would be given to borrowers until such time the crisis has abated.

The ERF facility forms part of the Philippine government’s P27.1-billion package of priority measures to help fight COVID-19 and provide relief to affected sectors.

The micro and small enterprises who want to avail of loans under the ERF facility can get in touch with the following offices:

DTI Cebu Provincial Office:
Tel No.: (032) 255-6971
Email: [email protected]
FB: https://www.facebook.com/DTI.Cebu/

DTI Bohol Provincial Office:
Tel No.: (038) 501 8828
Email: [email protected]
FB: https://www.facebook.com/DTI.BoholProvince/

DTI Negros Oriental Provincial Office:
Tel.No. (035) 422 5509
Email: [email protected]
FB: https://www.facebook.com/DTI7.NegrosOriental/

DTI Siquijor Provincial Office :
Tel No.: (035) 480-9065
Email: [email protected]
FB: https://www.facebook.com/DTI7.Siquijor/

Borrowers can also directly contact SB Corp. through its toll-free hotline# 1-800-10-6513333 or Email: [email protected] or [email protected] and FB: https://www.facebook.com/PondoSaPagbabagoAtPagasenso /rcg

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TAGS: COVID-19, DTI-7, endorsement, Enterprise Rehabilitation Financing (ERF), financing, micro, P1 billion, rehab, small businesses

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