The financing arm of the Department of Trade and Industry has temporarily suspended accepting online applications for the lending program to help micro and small enterprises affected by COVID-19 as loan requests have already exceeded the fund allocated for the facility.
Trade Undersecretary Blesila Lantayona said online applications for the COVID-19 Assistance to Restart Enterprises or CARES program are closed in the meantime.
Trade Secretary Ramon Lopez said, “For now, it is on a temporary break because the fund is oversubscribed. The fund is one billion pesos but the applications received are now at 3.3 billion pesos. If we open, applicants might expect but there might not be available funds.”
He added the plan is to transfer funds from the regular lending program for micro and small enterprises called the Pondo sa Pagbabago at Pag-asenso or P3 program also being administered by SB Corporation to the CARES program.