Small Business Corporation (SBCORP), the microcredit arm of the government, is launching a versatile RISE UP micro-loan program of 6 to 7 billion pesos to support the recovery of micro, small and medium enterprises after the pandemic.
SBCORP spokesperson Robert Bastillo announced at the Laging Handa public briefing that the program will officially launch on Friday, May 6. RISE stands for Resilient, Innovative and Resilient Enterprises.
RISE UP offers three categories of loans: all small business term loans; “tindahan” loans for sari-sari shops and small traders and distributors; and RISE UP Turismo to help tourism businesses still recovering from the pandemic.
The minimum loanable amount is 10,000 pula and maximum 5 million pula. But existing SBCorp borrowers in good standing are allowed up to 10 million pesos. However, the additional 5 million pesos will already require a loan guarantee since only 5 million pesos are unsecured.
Above all, the RISE UP loan requires at least one year of business activity to ensure that the borrower is already able to pay to protect public funds. Bastillo noted that 20% of businesses closed in their second year of operation while 75% closed in the third year.
The versatile RISE UP Micro Loan is repayable monthly for up to three years with a grace period of up to 12 months on principal only with an interest rate of 12% per annum based on the declining principal balance.
Borrowers are required to present government issued ID, barangay certification for loans not exceeding P100,000; BMBE certificate or mayor’s permit for loans above P100,000; photos and videos of business operations and assets;
and corporate documents, if applicable.
The loan portal for small loans up to P300,000 is already open to accept applications as well as the tourist loan. Larger loans will have to wait until after the official launch of RISE UP. Borrowers are advised to apply for the RISE UP Micro Multipurpose Loan online via https://brs.sbcorp.ph.
Choose RISE UP Micro Multi-Purpose Loan from the loan programs available in the system to complete the registration form and upload the document requirements, then click “Submit” to complete the application process.
Bastillo expressed hope that they would exceed or match the loan facility of more than 7 billion pesos granted during the pandemic under the Bayanihan law which benefited 41,866 borrowers in total.
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