DTI loan scheme covers Grab drivers with monthly amortization

The Department of Trade and Industry (DTI) will be offering a loan worth P5,000 to as much as P500,000 to micro and small businesses with lost revenue due to Luzon-wide enhanced community quarantine, DTI Secretary Mon Lopez said Wednesday.

Lopez said that the loan for micro businesses ranges from P5,000 to P200,000, while small businesses can avail of a loan worth P200,000 to P500,000.

The loan will then be payable in two to three years with a 0.5% monthly interest, and the dues will not be collected from the first three to six months, depending on the amount.

"This loan is for micro and small business, including those who bought a car on loan for Grab services. Ang micro and small businesses, zero to P3 million ang asset. Ito iyong mga tindahan, carinderia," Lopez said in an interview on Dobol B sa News TV.

"Kapag over P3 million, small business iyon. Ito iyong maliliit na grocery, talyer at iba pang negosyo na walang kita [ngayong enhanced community quarantine]," he added.

Lopez said the offer covers Grab drivers.

"Iyong nag invest ng kotse para maibyahe, puwede sila mag-loan sa gobyerno kasi may binabayaran sila buwan-buwan na amortization eh," he added.

Lopez said that the application for the loan can be made online or in any of DTI's 1,100 negosyo centers nationwide.

"This will be a working capital replacement, pantawid na pondo para sa obligasyon na bayarin na mga negosyo. Puwedeng pambayad sa sweldo, utility bills, at sa monthly amortization nga ng kotse," he said.

"Hindi ka muna sisingilin ng three to six months para makahinga ka muna ng kaunti, at two to five years to pay para maliit lang rin ang monthly dues."

Lopez also said that such loan does not require a collateral, except for Grab drivers who can enlist their respective car as collateral if they would want to loan a bigger amount.

"Walang collateral, pero iyong sa Grab, kung kasya sa allowable loan type iyong hihiramin mo at puwede mo na itong ipambayad doon sa car loan na mas mataas ang interest, magiging collateral iyong kotse kasi dito ka na sa gobyerno manghihiram ng pondo," he said.

"Pero kung sa Grab ka at maliit na amount lang naman ang hihiramin mo, hindi mo na kailangan i-collateral ang kotse," Lopez added.

In closing, Lopez said that group of businessmen will buy the harvest of farmers in the Mountain Province and transport them Metro Manila as an aid amid the Luzon lockdown.

He also said that while the Department of Agriculture is mandated to aid the said farmers, the help from the private sector is still welcome, especially amid the COVID-19 pandemic. --KBK, GMA News