Access to finance has been a perennial problem of the country’s MSMEs. Many financing programs were developed by government financing institutions to assist them in growing their businesses, ship their products, develop new products, attend trade shows, etc. The latest of these many programs is SB Corporations’ (SBCorp) COVID-19 Assistance to Restart Enterprises (CAREs) program to micro and small enterprises for them to recover from losses that their businesses incurred during the pandemic. All loans from the CAREs program are interest-free and payment starts after six (6) months upon release of the loan and is payable within 18 to 30 months.
Meanwhile, the medium enterprises whose businesses were also affected by the lockdown clamors to be included in the special loan facilities of government financing institutions in the country. Ms. Mila Lacson, representing and championing the cause of her sector – the Holiday Décor & Giftwares, specifically called the attention of SBCorp as their applications for financial assistance under the CAREs program were denied for the reason that their companies are medium enterprises. Hence, the sector appealed that they should also be given financial assistance by the government, citing that they are more capable to pay dues, pay higher taxes and generate more jobs than their micro and small enterprise counterpart. Continue reading SBCorp to fund the medium enterprises in the country