SBCorp Launches Its ‘Rise Up’ Loan Program for Small Businesses

The Small Business Corp (SBCorp), a state-owned entity has launched its newest program last Friday, offering loans for small businesses affected by the ongoing COVID-19 pandemic. According to the Department of Trade and Industry (DTI), the program, called ‘Rise Up’, is set on its goal of assisting small Filipino entrepreneurs to gain access to financial services.

Trade secretary Ramon Lopez comments on the program’s timeliness, saying many businesses still have yet to recover from 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 says.

(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 not give up on the challenges brought by the pandemic.)

The Rise Up program has 3 financing programs, with the first offering loans for all types of small businesses, while the latter two specifically catered to sari-sari store owners, other retail stores, and tourism-related businesses. Micro entrepreneurs are allowed to apply for up to a P300,00 loan payable in 3 years, including its grace period, while small to medium-sized businesses can apply for up to P5 – P10 million loans.

The trade secretary states the program will be providing these loans with easier terms and a smaller interest rate as compared to other financial institutions. The loan’s interest rates, details, and other requirements can vary according to the amount and loan program, which can be checked on SBCorp’s website or Facebook page.

Lopez urges small entrepreneurs to make use of the Rise Up financial program so they may also provide more employment opportunities and help the Philippine economy once their small enterprises expand.

Source: ABS CBN News