DTI, SBCorp approve P21.37M loans for Covid-hit MSMEs in Iligan, Lanao del Norte

ILIGAN CITY, May 15 (PIA)--The Department of Trade and Industry (DTI) through its financing arm the Small Business Corporation (SBCorp) has approved more than P21 million worth of loan applications for coronavirus disease (Covid)-hit micro, small, and medium enterprises (MSMEs) in Iligan City and Lanao del Norte.

Evelyn Geronimo, DTI's Junior Pondo sa Pagbabago at Pag-asenso (P3) Provincial Coordinator, shared during the Kapehan sa Iligan Chamber Friday, that as of May this year SBCorp has already approved 237 loan applications from MSMEs that sought relief assistance to restart their businesses amid the COVID-19 pandemic

These applications, she said, have an equivalent approved amount of P21,377,098.77.

Geronimo said the loan approvals are under the COVID-19 Assistance to Restart Enterprises (CARES) program, a financing facility under the P3 to support MSMEs affected by the economic impact of Covid-19.

This, she added, is pursuant to Bayanihan 2 which directed SBCorp to expand its existing loan programs to help mitigate the adverse impact of the pandemic on MSMEs.

According to her, the CARES program has allotted financial support amounting to P100 million for MSMEs in Iligan and Lanao del Norte. (APB/PIA-ICIC)

Source: Philippines Information Agency (pia.gov.ph)

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