The Department of Trade and Industry in Surigao del Norte (DTI-SDN) on Wednesday announced the start of the financing for micro, small and medium enterprises (MSMEs) affected by Typhoon Odette in Siargao Island in December last year.

In a statement, the DTI-SDN said the financing support will be implemented under the Small Business Corporation (SB Corp.), the agency’s financing arm.

“The DTI, through the SB Corp., will be providing an Enterprise Rehabilitation Financing (ERF) support to MSMEs adversely affected by the typhoon in a form of low interest and collateral-free loans,” the DTI-SDN said.

Under the program, MSMEs that are considered exiting borrowers can avail of loans up to PHP800,000 and the new borrowers for PHP300,000.

“For tourism MSMEs, the total loan shall not exceed PHP5 million per borrower, inclusive of an existing loan,” the DTI-SDN said.

The loans will be payable within three to five years with an interest rate of 6 percent per year for existing and new borrowers and 4 to 8 percent for tourism MSMEs.

The DTI-SDN said as part of the preparations for the rollout of the loan program, a forum on ERF was conducted in the town of Dapa in Siargao Island, Surigao del Norte on Tuesday.

The forum was attended by the top officers of the Siargao Chamber of Commerce and Industry and representatives from the local government units of Dapa and General Luna towns.

Top officials of SB Corp., led by Executive Vice President and Chief Operations Officer Santiago Lim and Caroline Macabenta, the OIC-Mindanao Group Head were also present during the activity.

The DTI-SDN also urged MSMEs in the area to visit their provincial office for further inquiry on the financing program and for the submission of their applications. (PNA)