The Department of Trade and Industry (DTI) in Negros Oriental is now offering two loan windows for overseas Filipino workers (OFWs) and micro, small and medium enterprises (MSMEs) to cushion the impact of the Middle East crisis.
Krystle Jade Bato, DTI-Negros Oriental spokesperson and head of the Consumer Protection Division, told the Philippine News Agency in an interview Tuesday that the new loans were introduced last week.
“SB Corporation, the financing arm of DTI, informed us last week of the OFW Negosyo Fund and the MSME Business Fund, for those who have been displaced by the Middle East conflict, provided they meet the requirements,” Bato said.
The OFW Negosyo Fund is accessible for overseas workers affected by the Gulf conflict and can also be availed of by a family member on their behalf.
OFWs looking to start a business can access a loan of up to PHP300,000, while established businesses with at least one year of operation can secure up to PHP20 million with collateral.
Bato said new borrowers can access a PHP3-million collateral-free loan, whereas existing borrowers may secure up to PHP5 million.
She highlighted that a loan can only be obtained if an applicant secures a mayor’s permit and fulfills other business criteria.
Borrowers for both types of loans are given a grace period of one year before they start paying, she added.
Some applicants have already appeared this week at the DTI office in this capital to apply for the loans.
The DTI has set aside a budget of PHP4 billion for the new loan options. (PNA)
