Small Business Corp. to lend P12 billion to MSMEs this year

MANILA, Philippines — The financing arm of the Department of Trade and Industry is looking to lend P12 billion for micro, small and medium enterprises (MSMEs) this year.

Small Business (SB) Corp. president and CEO Robert Bastillo told reporters during the launch of new financing programs that they are aiming to lend P12 billion to MSMEs this year through various facilities.

This year’s allocation is higher than the P11.2 billion lent out last year.

The amount also includes three new loan facilities to support specific sectors: exporters, overseas Filipino workers (OFWs) and women.

To help exporters expand production, upgrade equipment and take advantage of opportunities in the global market, SB Corp. has launched the P3-billion Export Business Expansion Fund.

SB Corp. also rolled out a P2-billion fund to help OFWs navigate sudden and unexpected circumstances, including contract termination and displacements.

The fund aims to help returning OFWs launch their own businesses.

SB Corp. has also set up a P2-billion loan facility to help women-led MSMEs.

Trade Secretary and SB Corp. chair Cristina Roque said that the agency is looking at setting up facilities to support other sectors.

“We’re thinking of industries where we see there is growth,” she said.

Bastillo said that the bulk of their borrowers are micro businesses.

In terms of gender, he said that the majority or 60 percent of their borrowers are women.