Micro, small, and medium enterprises (MSMEs) impacted by Severe Tropical Storm Kristine can now access government-backed calamity loans of up to P300,000 to help their businesses recover from the cyclone’s damage, according to the Department of Trade and Industry (DTI).
Tropical Storm Kristine swept through the Philippines last week, bringing torrential rain and deadly landslides that disrupted power and severely affected communities and local businesses.
DTI Secretary Ma. Cristina Roque shared in an interview with ANC that, as of Sunday, close to 400 MSMEs have reported extensive losses due to the storm. “We are really closely monitoring this and we have to make sure that everybody who needs the fund can get it,” she emphasized.
The DTI has set aside P2 billion for this loan program, allowing small businesses in affected areas to apply for financial support ranging from P10,000 to P300,000. Applications can be submitted on the Small Business Corporation website at sbcorp.gov.ph. The loans, which are interest-free for up to one year, could be disbursed within seven days after all requirements are met, Roque added.
