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MANILA - The Department of Trade and Industry said Tuesday it would start processing on June 1 loans for micro, small and medium businessmen displaced by the COVID-19 pandemic.

The DTI's Small Business Corp has set aside a P1 billion fund for loans of P10,000 to P500,000 depending on the size of the business, Trade Sec. Ramon Lopez told ANC's Headstart.

the P1 billion loan fund can be increased as needed, he said.

Congress is also proposing additional funds for SB Corp to allow it to directly administer the loans. Under it existing network, SB Corp has 400 to 500 microfinance or credit delivery partners.

Applicants need to fill up a form which is accessible via the SB Corp website www.sbgfc.org.ph and submit requirements at SB Corp offices or Negosyo Centers.