SBCorp approves P5.6B loan for MSMEs
A total of P5.634 billion borrowings for local micro-scale, small and medium enterprises (MSMEs) affected by lockdown measures were approved by the Small Business Corporation (SBCorp).
In a briefing, SBCorp Board Director Voltaire Magpayo said they approved the loans of over 56,000 applicants.
Magpayo stated that the loans extended were under the government financial institution’s microfinancing program.
The SBCorp Director added that the loan caters to local MSMEs who need financial assistance amid the pandemic. The program enables businesses to borrow funding without interest and collateral, and are provided with a grace period upon payment.
The Department of Trade and Industry (DTI) Secretary Ramon M. Lopez encouraged small businesses to continue applying for loans to SBCorp to keep their operations running.
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