A government-run corporation under the trade department said Tuesday it was offering loans to help micro and small businesses cope with the coronavirus pandemic.

The Small Business Corp will offer the loan to enterprises operating for at least a year before the coronavirus lockdown started in March and those whose business registration is valid up to that month, said its president and CEO, Ma. Luna Cacanando.

Under the COVID-19 Assistance to Restart Enterprises (CARES) program, micro businesses with an asset size of up to P3 million may borrow up to P200,000, she said.

Small businesses or those with an asset size of up to P15 million may borrow up to P500,000, according to the trade department's website.

The loans are payable for 30 months with a grace period of 6 months and an interest rate of about 2 percent per year, Cacanando said.

She said her corporation is also setting up a loan program from which repatriated migrant workers can borrow up to P100,000.

Those interested in the loan program may call hotline 8651-3333 for guidelines on the online application, she said.

TeleRadyo, June 9, 2020