SB Corp. approves P20B in loans for MSMEs

The Small Business Corporation (SB Corp.) has approved at least P20 billion in loans to micro, small, and medium enterprises (MSMEs) under a lending program aimed at assisting businesses post-COVID-19 pandemic. 

SB Corp. board director Voltaire Magpayo said on Wednesday that more than 61,000 MSMEs have availed of the Rise UP multi-purpose loan. At least 645 conduits, meanwhile, were approved for loans worth over P52 billion. 

''Just to be accurate, dalawa po kasi yan. 'Yung wholesale na tawagin natin, pinapahiram natin mga conduits. Mayroon po kaming cooperatives, lending institutions based nationwide. Sila, in turn, pinapahiram sa mga micro. Sa wholesale, umaabot na P52 billion. More or less 645 conduits nationwide,'' said Magpayo on state-run PTV’s Bagong Pilipinas Ngayon. 

(Just to be accurate, there are two categories: wholesale and retail. Under the wholesale category, we loan to conduits, which in turn lend it to microbusinesses. The approved loans there are around P52 billion, or 645 conduits.)

''Sa retail, 'yung tinatawag natin na direct lending sa ating mga kababayan, umabot na ng P20 billion, which is equivalent to 61,000 MSMEs sa buong Pilipinas,'' he said. 

(Under retail, MSMEs directly lend to us, and that’s around P20 billion, or more than 61,000 MSMES across the Philippines.)

Rise UP is a loan program targeted to help MSMEs sustain their gains after the pandemic “by providing multi-purpose loans that have soft terms and can be easily accessed.'' It caters to multi-sectoral MSMEs, including existing SB Corp. borrowers.

Business owners may be approved for loans worth P30,000 to P5 million with 3.5% to 6.5% annual interest for those in the wholesale sector and 8% annual interest for MSMEs in the retail category. The loan is payable for three years and has no collateral. 

Interested individuals may apply online on the SB Corp. website: https://sbcorp.gov.ph/ or in any Go Negosyo Centers nationwide. —VBL, GMA Integrated News