Cares loans exceeds P4 billion

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Sumary of Cares loans exceeds P4 billion:

  • The Department of Trade and Industry, through the Small Business (SB) Corp., has so far approved almost P5 billion in loans under the Covid-19 Assistance to Restart Enterprises (Cares) program of the Bayanihan to Heal as One Act (Bayanihan 2)..
  • In a statement on Thursday, DTI said the P5 billion microfinancing allotted for the micro, small and medium enterprises (MSMEs) under SB Corp., is nearing full utilization as it has already processed and approved P4.5-billion in loans for 30,408 applications as of June 9, 2021..
  • The Cares program, which was established to help the country’s MSMEs recover from the coronavirus disease 2019 (Covid-19) pandemic, draws P1 billion in funds from the 2021 General Appropriations Act (GAA) and P4 billion from Bayanihan 2..
  • “With this microfinancing program providing collateral-free and interest-free loans to businesses affected by the pandemic, our MSMEs can begin to rebuild their respective businesses and take part in the recovery that has started around the world,”.
  • The DTI is also working with the Department of Tourism in promoting the P6-billion Cares for Tourism Rehabilitation and Vitalization of Enterprises and Livelihood, or Cares for Travel, program for tourism-related businesses heavily impacted by the Covid-19 pandemic….

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