TACLOBAN
CITY, Nov. 23 (PNA) -− State-run Small Business Corporation (SBC) reported a
total of PHP317.67 million loans released to small and medium enterprises
(SMEs) in Leyte province badly-hit by super typhoon Yolanda.
Antonio
Elmer Garado, SBC chief accounts management specialist, disclosed that as of
October this year, 381 out of 493 borrowers have fully received the financial
aid through the enterprise rehabilitation fund program (ERFP).
“The
application has stopped in 2015. Right now, we are working on the releases of
loans for 112 remaining borrowers. The releases of loans are well-supervised.
We validate everything before we approved the loans and they have to liquidate
all their expense,” he added.
The
government launched the ERFP in February 2014, three months after super typhoon
Yolanda struck. Under this program, SMEs can apply for a loan ranging from
PHP200,000 to PHP5 million with five to six percent interest rate every year.
Repayment starts after the loan disbursement.
“Businessmen
can’t say that the government neglected them. They're now back on their feet
because of this assistance,” Garedo stressed.
To ensure
sustainability of the financing program, the corporation makes a monthly visit
to beneficiaries.
“We need to
balance the mandate and social obligation to help small business group, but at
the same time taking into mind that this program has to be sustainable to
protect the government’s fund,” he explained.
The
state-run Corporation reminded that they will run after the beneficiaries, who
will fail to pay five years after the loan disbursement.
SBC is the
lending arm of the Department of Trade and Industry with a mandate to provide
financing to small enterprise development.(PNA)
LAP/SQM/Ana
Rose D. Cinco (OJT)
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