The Small Business Corp. (SBCorp) launched the Enterprise Rehabilitation Financing (ERF) program, a special loan facility to assist micro, small and medium enterprises (MSMEs) affected by Typhoon Carina.
“We understand the challenges businesses face as they work to rebuild. This emergency fund, offering concessional terms, aims to finance the immediate needs of MSMEs,” said SBCorp president and chief executive Robert Bastillo.
The ERF program allows new and existing SBCorp borrowers to secure loans of up to P300,000, payable in monthly instalments over three years.
Bastillo said the bank is also providing a three-month grace period for borrowers needing a temporary reprieve from payments. The loan terms are designed to ease the financial burden on MSMEs, offering interest-free payments for the first year and a 1 percent per month interest rate based on a diminishing balance for the second and third years.
MSMEs in specific areas declared under a state of calamity due to Typhoon Carina are eligible to apply. Othel V. Campos
