LGU Naga releases loans for SMEs

NAGA CITY --- Eleven small and medium entrepreneurs (SMEs) have received early this week their zero-interest cash loans from the local government unit (LGU) here as beneficiaries of the Naga City Business Stimulus Program.

The program, according to Mayor Nelson Legacion, aims to help the SMEs recover from their losses due to coronavirus (Covid-19) pandemic.

“Helping them [businessmen] to recover and achieve growth in their businesses means helping the city to improve its local economy,” Legacion said.

The city mayor along with other city officials distributed the checks in varying amount to the beneficiaries last Monday, Sept. 28, in a brief program held after the flag raising ceremony at the City Hall compound.

Aside from the cash loans, the program also offers marketing and technical assistance to the beneficiaries to ensure that they will receive a high return on their investments.

The 11 individuals compose the first batch of SMEs who were provided with different amount of loan packages from P25,000 to P100,000 depending on the capacity and nature of their businesses.

The city government thru its Metro PESO is now in the process of readying the list of SMEs traders who will make up the second batch of the beneficiaries.

LOAN FOR SMALL TRADERS. The small and medium entrepreneurs (front row) who are the beneficiaries of the Naga City Business Stimulus Program, which is aimed at helping small traders as a result of the COVID-19 pandemic.