Philippine Information Agency
29 Oct 2020, 20:08 GMT+10
QUEZON CITY, Oct. 29 (PIA) - The Department of Tourism (DOT) appealed to micro, small and medium enterprises (MSMEs) to avail of the CARES for Tourism Rehabilitation and Vitalization of Enterprises and Livelihood (CARES for TRAVEL) Program to help sustain their businesses and keep their workers amid the on-going COVID-19 pandemic.
During a DOT-hosted webinar last October 27, entitled "COVID-19 Assistance to Restart Enterprises (CARES): Accessing to Zero Interest Working Capital Loan", the Small Business Corporation (SB Corp.) announced the opening of loan applications under the CARES for TRAVEL program, which primarily seeks to assist tourism MSMEs.
Under the program, tourism MSMEs will have access to zero interest, no collateral loans with a loan term period of up to four (4) years, including a corresponding grace period of up to one (1) year. The borrower MSMEs will only need to pay a one-time service fee to the SB Corp, the amount of which will depend on the loan term period: 4% for one (1) year; 6% for two (2) years; 7.5% for three (3) years; and 8% for Four (4) years.
SB Corp will evaluate and process all loan applications of DOT-accredited MSMEs and local government (LGU)-accredited small-scale tourism-oriented enterprises to ensure their eligibility, and will determine the loanable amount and terms in accordance with the CARES for TRAVEL guidelines. MSMEs with financial statements (FS) in 2018 or 2019 filed with the Bureau of Internal Revenue (BIR) and have no unresolved negative credit dealings are automatically eligible to apply.
The initial loan amount to be granted to MSME applicants will be based on the submitted BIR-filed FS: not more than Php 1 million for medium enterprises; not more than Php500,000 for small enterprises; and not more than Php200,000 for microenterprises. Higher loan amounts may be approved with additional requirements. For MSMEs without BIR-filed FS, additional requirements are needed which includes 2019 Mayor's Business Permit, Barangay Business Permit and pictures, videos of inventories, equipment and assets.
Tourism enterprises may access the SB Corp's CARES Bayanihan 2 Borrower Registration System here: https://brs.sbgfc.org.ph.(TNN/PIA-IDPD)
Get a daily dose of Dallas Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Dallas Sun.
More InformationISTANBUL/PARIS/BRUSSELS: As searing temperatures blanket much of Europe, wildfires are erupting and evacuation orders are being issued...
VENICE, Italy: Over the weekend, hundreds of protesters marched through the narrow streets of Venice to voice their opposition to billionaire...
PARIS, France: France is taking stronger steps to reduce smoking. A new health rule announced on Saturday will soon ban smoking in...
WASHINGTON, DC - U.S. President Donald Trump on Tuesday claimed Elon Musk's success has been built on government subsidies. Without...
EVERGLADES, Florida: Over the weekend, a diverse coalition of environmental activists, Native American leaders, and residents gathered...
BEIJING, China: China's national soccer team may struggle to stir excitement, but its humanoid robots are drawing cheers — and not...
NEW YORK, New York - U.S. stocks diverged on Wednesday for the second day in a row. The Standard and Poor's 500 hit a new all-time...
NEW YORK CITY, New York: The U.S. dollar continues to lose ground, weighed down by growing concerns over Washington's fiscal outlook...
KABUL, Afghanistan: Afghanistan, long associated with war and instability, is quietly trying to rebrand itself as a destination for...
SANTA CLARA, California: Executives at Nvidia have quietly been cashing in on the AI frenzy. According to a report by the Financial...
NEW YORK, New York - Global stock indices closed with divergent performances on Tuesday, as investors weighed corporate earnings, central...
TORONTO, Canada: Canadian Prime Minister Mark Carney announced late on June 29 that trade negotiations with the U.S. have recommenced...