DTI sets P1B loan for MSMEs hit by lockdown

Small Business Corp., under DTI, is setting up a P1-billion loan facility called P3-ERF to help micro and small enterprises affected by the Luzon-wide enhanced community quarantine.

The fund will be available once the lockdown is lifted and aims to prevent businesses from resorting to loan sharks.

Microenterprises with assets not exceeding PHP3 million can borrow up to PHP200,000 while small enterprises with assets under PHP10 million can borrow up to PHP500,000.

The loans will have a 0.5 percent monthly interest rate and offer grace periods on payments until the economic crisis subsides.