The Small Business Corporation — the Department of Trade and Industry-attached agency tasked to handle loan processing for firms affected by the novel coronavirus disease pandemic — increased the maximum amount that micro, small and medium enterprises may obtain from its credit facility.
The loan amount now will be assessed on up to 15 percent of yearly sales of the business or 20 percent of its asset size, whichever is higher, and not lower as previously required.
Borrowers will still need to submit their financial statements for 2018 and 2019 as filed before the Bureau of Internal Revenue.
Based on the financial statements, medium enterprises may get up to 5 million pesos in loans from the SB Corp. On the other hand, small and micro enterprises may secure a maximum of 3 million and 300,000 pesos in borrowings, respectively.
The Bayanihan 2 sets aside 10 billion pesos to bankroll recovery efforts.