PCCI, SB CORP sign restart loans for MSMEs
The Philippine Chamber of Commerce and Industry (PCCI) and the Small Business Corporation (SB Corp) last weekend signed a Memorandum of Agreement (MOA) providing easy access to PCCI members for availing of interest-free loans for micro to small enterprises.
Under the MOA, SB Corp shall provide loans between P100,000 and P500,000, that can be availed of by small enterprises whose businesses suffered in view of the COVID 19 pandemic. These loans are embodied in the P3 CARES (Pondo sa Pagbabago at Pag-asenso COVID-19 Assistance to Restart Enterprises) program of SB Corp.
“This is a landmark agreement for PCCI as we assist our members in their recovery efforts,” Amb. Benedicto Yujuico, PCCI President, said. “We see a bright future in our relations with SB Corp whose primary mandate is to financially assist the very small enterprises who need the support most,” Yujuico added.
PCCI is the largest business organization in the country with over 30,000 member companies in over 120 chapters nationwide. SB Corp, on the other hand, is the only remaining government financial institution whose sole mandate is to extend loans to MSMEs.
“SB Corp’s partnership with PCCI effectively expands our network nationally and makes us more accessible to micro and small enterprises,” SB Corp President Luna Cacanando said.
While the loans are interest-free, there is a minimal service fee of 6% for 18-months term loans and 8% for 30-months term loans.
PCCI members are advised to contact their local chapters or the national secretariat for the filing of loan applications.
The loans allocated for PCCI members are expected to be applied for in a short time and PCCI is asking the national government to provide more funds to SB Corp to provide more members who are small enterprises to avail of the loans.