Small Business Corporation (SBCorp), the financing arm of the Department of Trade and Industry (DTI) announced today the opening of its new loan program for multisectoral MSMEs. Dubbed as RISE UP with SBCorp, the program aims to sustain the gains of MSMEs that have survived the past two years of crisis, by providing multi-purpose loans that have soft terms and can be easily accessed.
Under the overarching RISE UP Program are three subprograms: RiseUp Multi-Purpose Loan for general, multisectoral MSMEs, RiseUp Tindahan for MSMEs in the retail food supply network of fast moving consumer goods (FMCG) manufacturers and RiseUp Turismo for MSMEs engaged in tourism-rea;ted activities.
Under the RiseUp Multi-Purpose, MSMES regardless of industry can apply for a loan amount between PhP10.0 thousand to PhP5.0 million, with repayment term of up to three years, with an option to avail of a grace period. The grace period is up to 12 months if the loan amount is P300 thousand or less. If the loan amount is more than P300 thousand, the grace period can exceed 12 months, up to half of the repayment period.
Enterprises in the tourism industry can avail of a collateral-free and interest -free loan under the RiseUp Turismo. Under this program, MSMEs engaged in tourism-related activities regardless of accreditation with the Department of Tourism may borrow up to P5.0 million with repayment term of up to four years and a grace period of up to 24 months.
The RiseUp Tindahan, is the expanded version of the STAPLES program launched in 2021, with more eligible borrowers and longer repayment periods. It is now open to various MSMEs participating in the supply, production, distribution, and retailing chain of SBCorp-accredited fast moving consumer goods (FMCG) food manufacturers. This includes, sari sari stores, groceries, supermarkets, dealers and distributors. Loanable amount under the program is from P10 thousand up to P5 million with repayment term of up to three years and grace period of up to 12 months.
To qualify for a loan, an enterprise must be Filipino-owned, with at least one year business track record. Application are done online through the SBCorp loan portal at www.brs.sbcorp.ph. Basic documentary requirements are the following: Government-issued ID, Barangay Business Certification for loans below P100 thousand, BMBE certificate or Mayor’s Permit for loans above P100 thousand, pictures and video of business operation and applicable corporate documents.
“RiseUP Program’s main goal is to build on the successes of MSMEs, that have survived the adverse effects of the pandemic against all odds. We want to help them sustain the strength and resilience they have displayed as we all rise again post pandemic,” Secretary Ramon M. Lopez said.
SBCorp is the program implementer of the Bayanihan CARES (COVID-19 Assistance to Restart Enterprises), which made billions in loans available for MSMEs, tourism businesses, and repatriated or displaced Overseas Filipino Workers (OFWs) affected by COVID-19 pandemic in the past two years. To date, SBCorp has approved 42,721 loan applications, with a total loan amount of PhP7.3 billion.
About Small Business Corporation
SBCorp is a government-owned and controlled corporation created in 1991 through the Magna Carta for MSMEs (RA 6977, as amended by R.A. 8289 and R.A. 9501). It is under the policy program and administrative supervision of the MSME Development Council of the Department of Trade and Industry.