SB Corp., the lending arm of the Department of Trade and Industry, will prioritize tourism-accredited micro, small and medium enterprises to expedite the reopening of the tourism sector.
Tourism Secretary Bernadette Romulo-Puyat said the loans would be collateral-free, interest-free and payable in three years with a one-year grace period for a total loan term of four years.
Loan applications may be submitted online and once approved, a minimal service charge for loan administration will be required by SB Corp.
“The agreement is to focus on MSMEs, which is also the emphasis in the Tourism Response and Recovery Plan. Our priority now is to sustain our tourism workforce. By providing the working capital needed through these loans, the tourism businesses that have lost much because of the pandemic will be provided with a lifeline,” said Puyat.
A P6-billion credit facility may also be made available to non-accredited businesses provided that they are licensed by local government units. The credit facility is part of the P10.1 billion package for the tourism industry under Bayanihan 2.