Recovery Loan for businesses in Cordillera now available - DTI-CAR

Baguio City, Philippines – Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic may now avail of the loan program of the Department of Trade and Industry.

The loan program aims to aid local businesses in recovering as well as revitalize the economy.

The region suffered losses with businesses closing or cutting manpower.

During the Luzon-wide lockdown alone, CAR lost 6 billion pesos with most of the establishments situated in Baguio.

Partnering with Small Business Corporation (SB Corp.), DTI-Cordillera launched on Thursday, July 21 the “Resilient, Innovative, and Sustainable Enterprises, Unleash your Powers” (RISE UP) Program in Baguio City.

What is RISE UP Program?

The RISE UP, according to the Innovation and Advocacy Group Head of the SB Corp Robert Bastillo, provides multipurpose loans to MSMEs.

“It aims to sustain your gains because you have survived the past two years of crisis and you are poised to regrow your businesses," Bastillo added.

The program offers three loan programs in which qualified MSMEs may avail - RISE UP Tindahan to help sustain sari-sari stores, retail stores, dealers, and distributors; RISE UP Turismo to assist MSMEs in the tourism sector such as hotels, restaurants, coffee and beverage shops, and travel and tour agencies; and RISE UP Multi-purpose loan to help sustain the gains of the multi-sectoral MSMEs.

Who are qualified for the loan program?

According to Bastillo, all MSMEs in the region are eligible to borrow through the loan program, except vice-generating businesses such as beer houses and cockpits.

“Merong evaluation process to make sure that they are legitimate businesses and that they have existed for at least one year para alam namin na sila ay tumatakbo pa,” he underscored.

Rate

Under RISE Up Tindahan and RISE UP Multi-purpose loan, the agency imposed 1 percent per month as the highest interest.

No interest rate shall be imposed for RISE UP Turismo.

Importance of RISE UP loan

“Very important daytoy nga loans kasi dagiay capital dagiti MSMEs were used as provisional fund during the pandemic so they need fresh capital tatta karkaru ngay ta they are re-establishing, they are coming back to business so daytoy ti mang-beef iti capital da,” said DTI-CAR Director Juliet Lucas in her interview with PTV-Cordillera.

Application

For interested MSMEs, they only need to proceed to the nearest Negosyo Center in their area for the loan application.

In Cordillera region, SB Corp. approved 54 loan applications amounting to P6.6 million. Of which, 5 are from Abra, 12 from Apayao, 11 from Benguet, 20 from Ifugao, 5 from Kalinga, and 1 from Mountain Province.

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