The Small Business Corporation (SBCorp) has announced that it is ready to accept applications for Bayanihan COVID-19 assistance to Restart Enterprises (CARES) program on October 26 to help micro, small, and medium enterprises (MSMEs) recover due to the pandemic, the Department of Trade and Industry (DTI) said.

A DTI statement recently released said a P10 billion fund has been allotted to SBCorp, an attached corporation of DTI from the Bayanihan to Recover as One Act or Republic Act 1194 to expand its assistance to CARES program.

The assistance of SBCorp to MSMEs is to help the enterprises to ensure that their workers would keep their jobs.

Under this fund is also the assistance for affected tourism-related enterprises dubbed as Tourism rehabilitation and Vitalization of Enterprises and Livelihood (CARES for TRAVEL) program on which P6 billion is allotted out of the total fund.

“Based on the guidelines, MSMEs with BIR-filled financial statements for 2018 or 2019 with no major negative credit track record are assured of a loan under the program,” the statement stated.

The loan term can be up to four years with a grace period of up to six months. The department said that certain industries such as tourism can be granted a longer grace period of up to 12 months.

DTI informs the public that the loan amount to be granted will be based on the MSME applicant’s asset size and annual sales.

However, additional limits to the loan size will be observed to ensure more MSMEs will benefit from the program.

“Loans will have a one-time front-end service fee ranging from four percent to eight percent depending on the number of years the applicant will pay,” it stated.

Applications under Bayanihan CARES program may be submitted through SB Corp’s online loan application at starting on October 26.