By IRMA ISIP
The Small Business Corp. (SB Corp.) is launching another loan program that would ensure full recovery of micro, small and medium enterprises.
Robert Bastillo, SB Corp. spokesperson told the Laging Handa public briefing yesterday the agency is setting aside P6 billion to P7 billion for its RISE UP (Resilient, Innovative, Sustainable Enterprises, Unleash Your Potential with SB Corp.) loan program where companies in business for at least a year can borrow from P10,000 up to P5 million at 1 percent monthly interest. Repayment is four years with grace period of up to two years.
Bastillo said the program replaces the Bayanihan CARES (COVID-19 Assistance to Restart Enterprises) that ended earlier this year.
Bastillo said RISE UP hopes to top the amount lent and borrowers served by CARES, which assisted over 42,000 enterprises with P7 billion worth of loans.
RISE UP has three kinds of loans: the Multipurpose Loan which is available for all enterprises; Tindahan Loans for sari sari stores, grocery stores, small dealers and distributors and; RISE UP Turismo dedicated to tourism enterprises.
SB Corp. is currently accepting online applications for a maximum loan is P300,000 under the Micro Multi-Purpose Loan.
The RISE UP Micro Multi-Purpose Loan is payable monthly up to three years with grace period of up to 12 months on the principal only with 12 percent per annum interest rate based on diminishing balance of principal.
SB Corp will soon open the program for borrowers requiring more than P300,000 under the Rise UP SME Multi-Purpose Loan.
