BAYANIHAN CARES: FINANCING ASSISTANCE TO HELP BUSINESSES RESTART

The Bayanihan to Recover as One Act or Bayanihan 2 has directed SB Corporation to expand its existing loan programs for MSMEs, cooperatives, hospitals, tourism, and OFWs affected by Covid-19 pandemic and by other socio-economic reversals. An PhP8.08 billion funding thru equity infusion was allocated to SB Corporation under the Bayanihan 2 Act, and with this the Bayanihan CARES was launched in October 2020.

Bayanihan CARES is an interest-free and collateral-free financing program that aims to assist micro, small, and medium enterprises (MSMEs) recover from the adverse effects of the pandemic. The borrower MSMEs will only need to pay a one-time service fee, which is set at a maximum of eight (8) percent for a 4-year loan term.

FOR MSMES WITH BUSINESSES OPERATING FOR ONE (1) YEAR

  • Loanable amount from PhP10,000 up to PhP5.0 million
  • With grace period of up to 12 months or one (1) year
  • No collateral required
  • No interest

DOCUMENTARY REQUIREMENTS

For loan applicants with BIR-filed Financial Statements:

  1. 2018 or 2019 BIR-filed Financial Statements (1701 or 1702, Income Statement and Balance Sheet)
  2. Government-issued ID
  3. Bank account or electronic money account
  4. Corporate Secretary Certificate for partnerships or corporations

For loan applicants without BIR-filed Financial Statements:

  1. Government-issued ID
  2. Bank account or electronic money account
  3. 2019 and 2020 Barangay or Mayor’s Business Permit
  4. Three (3) pictures and one (1) video showing the financial condition and assets of the business
  5. Corporate Secretary Certificate for partnerships or corporations

HOW TO APPLY

  1. Prepare and scan the documentary requirements
  2. Create an account in http://www.BayanihanCARES.ph
  3. Fill out personal details to complete your account creation, including your correct email address
  4. Check your email for the system-generated email verification link, and click the Verify Email button.
  5. Complete the information requested in the pre-registration process
  6. Click the Apply for a loan button to complete your online loan application, and attach/upload the required documents
  7. Wait for the confirmation and update sent to your email regarding the online submission and assessment of your loan application.

 

COVID-19 ASSISTANCE TO RESTART ENTERPRISES (CARES) PROGRAM

FREQUENTLY ASKED QUESTIONS

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