SB Corp. to start accepting loan applications for 13th month pay next week

State-run Small Business Corp. will start accepting applications for soft loans from micro and small businesses next week to help them provide the mandated 13th month pay of their employees.

Online applications will be accepted between November 2 and December 7, with a processing period of seven to 10 days, according to SB Corp. spokesperson Bobby Bastillo on Thursday.

“Gaya noong nauna nating naanunsiyo, gusto nating i-fast track ang programang ito. So, ang ating bibigyan ng loan ay iyong nasa listahan ng DOLE,” he said during the Laging Handa virtual briefing.

[As earlier announced, we want to fast-track this program and offer the loans to those listed with the DOLE.]

He was referring to a list of the Department of Labor and Employment (DOLE) of micro and small businesses which have been hit by the COVID-19 pandemic, and have been forced to adopt flexible working arrangements.

Trade Secretary Ramon Lopez earlier said the loans will have zero interest, with available loans up to P200,000 with micro and small enterprises prioritized.

Bastillo said among the firms qualified to avail of the loans are those listed with the DOLE, and have 20 employees or less.

The program will have a standard offer of P12,000 per employee. Firms that will borrow less than P50,000 will have to present their Barangay Business Permit, while those that will avail of over P50,000 need to present their Mayor’s Permit.

“Batid namin na maaring mas maliit doon or mas malaki ang kinakailangan per employee, pero standard na po ang gagamitin natin para simple lamang po,” said Bastillo.

[We acknowledge that the amount needed may be less or larger, but we standardized it to make it simple.]

Under the definition of the Department of Trade and Information (DTI), micro enterprises are defined as those with total assets worth less than P50,000; cottage enterprises with assets worth P50,001 to P500,000; small with P500,001 to P5 million; and medium from over P5 million to P20 million. — VBL, GMA News