MANILA -- Small and medium enterprises can avail of loans up to P500,000 to reboot from the coronavirus lockdown, Trade Secretary Ramon Lopez said Friday.
The government is offering up to P200,000 for micro SMEs and up to P500,000 for medium-sized firms, with 0.5 percent monthly interest and payable in 2 to 5 years. There will be a grace period of 5 to 6 months for payments, Lopez said.
Micro businesses have P3 million in assets, small firms have P3 million to P15 million while medium enterprises have P15 million to P100 million, according to the government's definition.
"Ayuda ito sa kanilang working capital para makabangon agad (This will boost their working capital, helping them recover)," he said.
The loan fund, dubbed Pondo sa Pagbabago at Pag-asenso, will include food carts, Lopez said.
Businessmen can apply for loans at the Department of Trade and Industry's Negosyo Centers after the lockdown, which is scheduled to end on April 12.