Under the Bayanihan to Recover as One Act (R.A. 11494), P10 billion has been allotted to the Small Business Corporation (SBCorp) so it can expand its COVID-19 Assistance to Restart Enterprises (CARES) Program.
Available under this fund is the CARES for Tourism Rehabilitation and Vitalization of Enterprises and Livelihood (CARES for TRAVEL) Program which receives P6 billion from the total fund.
SBCorp has started accepting applications for the Bayanihan CARES Program to help MSMEs recover and ensure that workers keep their jobs.
Based on the guidelines, MSMEs with BIR-filed financial statements for 2018 or 2019 with no major negative credit track record are assured of a loan under the program.
MSME applicants who cannot submit a BIR-filed FS must submit their barangay or municipal business permits, photos or videos of business assets, and proof of sales for certain loan sizes. Loan amount to be granted will be based on the MSME applicant’s asset size and annual sales.
Additional limits to the loan size will be observed to ensure more MSMEs will benefit from the program.
Loans will have a one-time front-end service fee ranging from 4% to 8% depending on the number of years the applicant will pay.
Loan term can be up to four years and grace period up to six months. Certain industries such as tourism can be granted a longer grace period of up to 12 months.
Bayanihan CARES applications may be submitted through the SB Corp’s online loan application system at https://brs.sbgfc.org.ph.
For more information please visit the SBCorp Website at www.sbgfc.org.ph or call 8651- 3333.