Young Pinoy entrepreneurs can access up to P500K loans from DTI's SBCorp.

Young Filipino entrepreneurs can borrow up to P500,000 from the government to expand their enterprise initiatives under the Youth Enterprise Fund (YEF) of the Small Business Corporation (SBCorp.), the financing arm of the Department of Trade and Industry (DTI).

Under the YEF program, entrepreneurs aged 18 to 30 can borrow from P30,000 to P500,000, payable over a maximum period of three years with grace period options of zero, three, six, nine, or 12 months.

Interested borrowers may apply starting Monday, July 27, through the official SBCorp. application available on Google Play and Huawei AppGallery.

Applicants are required to submit a valid government-issued identification card, their Mayor’s Business Permit, proof of bank account, corporation documents, and a business plan detailing the implementation plan of the project.

“Through the Youth Enterprise Fund, we are removing financial barriers so our youth can turn their vision into thriving businesses that not only succeed, but also generate quality jobs and uplift their local communities,” Trade Secretary Cristina Roque said in an emailed statement.

“I encourage all aspiring young business owners to avail of this loan, and help us build a stronger, more inclusive Philippine economy,” she added.

SBCorp. in April also partnered with the Philippine Chamber of Commerce and Industry (PCCI) for a P7-billion loan facility program for micro, small, and medium enterprises (MSMEs) hit by soaring fuel prices. —LDF, GMA News