MANILA - The state-owned Small Business Corp (SBCorp) on Friday launched a new loan program for businesses that have been affected by the COVID-19 pandemic.

Rise Up program aims to help small entrepreneurs get access to financial services, the Department of Trade and Industry said.

It has 3 financing programs, the first is a loan for all kinds of small businesses, while the last 2 are specifically for tourism-related businesses and for sari-sari store owners and other retail stores.

At the launch of Rise Up program, Trade Secretary Ramon Lopez said the program would provide loans with easier terms compared to other financial institutions.

This is a timely program, Lopez said, as many businesses have not fully recovered due to the Covid-19 pandemic.

"Karamihan talaga na tinamaan ng pandemya, syempre nagkulang ang cashflow, ang working capital. Ito talaga ang magpapasigla uli to allow them to continue at hindi sumuko sa mga pagsubok na dinala ng pandemya," Lopez said.

(Majority were hit by the pandemic, and there is a shortage in cash flow and working capital. This would reinvigorate the businesses to allow them to continue and to not give up on the challenges brought by the pandemic)

Micro entrepreneurs can apply for up to a P300,000 loan payable in 3 years inclusive of the grace period.

Meanwhile, small and medium-sized businesses can apply for up to P5 million to P10 million.

Small Business Corporation of DTI launches Rise Up loan program for small entrepreneurs affected by pandemic. Micro businesses can apply for up to P300,000 loan, while small and medium businesses can apply up to P5 million. pic.twitter.com/n50bEhuqKY

— Jekki Pascual (@jekkipascual) May 6, 2022

Requirements, interest rates and other details vary depending on the loan program and the amount. One can check the website or Facebook page of SBCorp for the full information.

With a smaller interest rate, Lopez urged small entrepreneurs to avail of the financial program to help expand their business, which in turn will also provide more jobs and help the overall economy.

Thousands of businesses have temporarily and permanently shut during the pandemic. Many of them are recovering as COVID-19 restrictions ease.

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