Over 2K MSMEs in Bicol get P252.5M Covid-19 cash aid

By Sally A. Altea

The Small Business Corporation (SBC) under the Department of Trade and Industry (DTI) Bicol has released a total of P252.5 million worth of loan for 2, 534 micro, small and medium enterprises under the Bayanihan Covid-19 Assistance to Restart Enterprises (CARES) program.

“The Bayanihan CARES program is a government program that aims to assist micro, small and medium enterprises (MSMEs) recover from the adverse effects of the pandemic,” SBC – Legazpi Senior Financial Specialist Karla Florendo said during the Philippine Information Agency-Albay "Talakayan sa PIA Albay" radio program.

From Jan. 1, 2020 to July 31, 2021, the province of Camarines Sur has the highest total loan amount released of P71, 667, 901 for 597 MSMEs beneficiaries, followed by Sorsogon with P53,442, 256 for 643 beneficiaries and Albay with P52, 650,086 for 300 MSMEs.

Also released were P27, 750, 664 for Camarines Norte, P25, 615, 170 for Masbate and P21, 383, 856 for Catanduanes.

The Bayanihan CARES program is for businesses operating for at least one year as of loan application date. Loanable amount is P10,000 up to P5 million with grace period of up to 12 months and with no interest and collateral.

“For now, our MSME beneficiaries in the Bicol region are still enjoying in full the amount that they loaned, still they have a grace period of one year before paying their dues,” Florendo said.

To apply, MSMEs without BIR-filed financial statements must prepare and scan government-issued ID, bank account or e-money account, three pictures and one video showing the financial condition and assets of the business, 2019 and 2020 barangay or mayor’s permit business permit, and corporate secretary certificate for partnerships or corporations.

Required for applicants with BIR-filed financial statements are 2018 or 2019 BIR-filed statements, bank account or e-money account, government-issued ID, and corporate secretary certificate for partnerships or corporations.

For more information and details, read on at https://sbcorp.gov.ph/programs-and-services/bayanihan-cares/. (PIA5/Albay)