DTI Offers Special Loan to Typhoon-hit Enterprises

Department of Trade and Industry secretary Ma. Cristina Roque

Mindful of the bad days businesses confront after the onslaught of typhoons, the Department of Trade and Industry (DTI) offers a special kind of loan to typhoon-struck micro, small, and medium enterprises (MSMEs) to help them return to the market.

DTI secretary Ma. Cristina Roque, during her interview in “Ano sa Palagay N’yo” on Net 25 on Tuesday, 29 October 2024, explained that the commerce department, through its attached agency Small Business Corporation (SBCorp), has come up with the Enterprise Rehabilitation Financing (ERF) to facilitate the recovery of MSMEs from the devastation of typhoons.

“Every time there’s a calamity, we also must remember that the businesses are affected. In the same way the people need to bounce back, the businesses also [need] to bounce back,” underscored Roque.

“We [the DTI and SBCorp] came out with this we call it the ‘Enterprise Rehabilitation [Financing]’ which is worth Php2 billion. So meron kaming Php2 billion na ibibigay sa mga MSMEs or sa mga negosyante na nasalanta ng bagyo,” explained the commerce secretary.

The DTI chief informed that businessmen can apply for the loan through the SBCorp’s website, “sbcorp.gov.ph,” with a processing period of seven days.

The first year of the loan is interest-free, while the succeeding years come with one-percent monthly interest.

According to the SBCorp website, the loan has a term of three years and is “open to all MSMEs with business operations in areas declared to be under the state of calamity by NDRRMC [National Disaster Risk Reduction and Management Council].”

Roque also mentioned that the ERF, which does not require any collateral, gives out a minimum of Php10,000.00 loan up to Php300,000.00 maximum amount.

The requirements to avail of the loan include business-name registration and other permits that prove the authenticity of the business.

For other concerns, entrepreneurs may get in touch with the DTI secretary through ReportToSec@dti.gov.ph, an E-mail account that delivers the concerns directly to her office.

“Actually, we really want to get the MSMEs going because hindi maka-unlad ang isang town or province or . . . city hanggang hindi makausad ang mga negosyo,” noted Roque.