The Small Business Corp. (SBCorp), the financing arm of the Department of Trade and Industry (DTI), has doubled the maximum loanable amount to P20 million for micro, small and medium enterprises (MSMEs).
In a financing offer, SBCorp said the RISE UP program aims to sustain the gains of MSMEs by providing multi-purpose loans that have soft terms and can be easily accessed.
The RISE UP Multi-purpose Loan caters to multi-sectoral MSMEs including existing SBCorp borrowers.
The loan program is open to multi-sectoral MSMEs, including existing SBCorp borrowers, it said.
SBCorp said the loanable amount ranges from P30,000 to P20 million, and loan amounts up to P5 million are collateral-free.
Wally Calderon, SBCorp vice president for Innovation and Advocacy, earlier said loans up to P3 million are collateral-free for first-time borrowers, while no collateral is required for loans up to P5 million for existing borrowers.
SBCorp said the RISE UP loan is payable monthly for three years while the interest rate is less than 1 percent per month based on diminishing balance.
The application for the loan is online.
