397 small biz firms get SBC no interest loans worth millions
>> Tuesday, September 5, 2023
BAGUIO CITY -- The Small Business Corporation (SBC) reported that some three hundred ninety seven micro and small businesses in the city were able to avail of zero interest loans under the Baguio’s Revitalization Action for a Vibrant Economy – Economic Stimulus Package (BRAVE-ESP) from 2020 up to July 20, 2023.
In her report during the quarterly meeting of the Baguio city Small and Medium Enterprise development Council held at the conference room of the Department of Trade and Industry (DTI) Baguio-Benguet Provincial Office recently, SBC representative Julie Ann Castaneda said that of the total approved loan applications that were endorsed to the City Treasury Office for the release of their applied loans, 324 were micro enterprises while 73 were small businesses.
The SBC official claimed that the approved amount of loans that were released to applicants amount to around P20.5 million chargeable against the funds that were earlier earmarked by the local government under the BRAVE-ESP.
Earlier, the SBC received some 528 applications for loan under the said program where 131 applications were either denied or withdrawn.
The SBC is the financial arm of the DTI that is providing soft loans to various businesses that want to avail of the same to be able to sustain the operations of their enterprises.
In her report during the quarterly meeting of the Baguio city Small and Medium Enterprise development Council held at the conference room of the Department of Trade and Industry (DTI) Baguio-Benguet Provincial Office recently, SBC representative Julie Ann Castaneda said that of the total approved loan applications that were endorsed to the City Treasury Office for the release of their applied loans, 324 were micro enterprises while 73 were small businesses.
The SBC official claimed that the approved amount of loans that were released to applicants amount to around P20.5 million chargeable against the funds that were earlier earmarked by the local government under the BRAVE-ESP.
Earlier, the SBC received some 528 applications for loan under the said program where 131 applications were either denied or withdrawn.
The SBC is the financial arm of the DTI that is providing soft loans to various businesses that want to avail of the same to be able to sustain the operations of their enterprises.
She explained that among the reasons for the denial of the loan application of businesses include their alleged failure to produce documents of their businesses, the negative findings of the credit investigation and their inability to show the sustainability of their businesses under their financial statements.
Castaneda added that there are three processes being conducted by the SBC prior to the approval of the loan applications such as the business information assessment, credit standing assessment and financial performance assessment to ascertain the sustainability of the businesses availing of the loans offered to interested businesses.
One of the major reasons for the denial of the loan applications of businesses is that they pass through third parties which are not actually allowed under the SBC’s rules and regulations. -- Dexter A. See
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