The Micro, Small and Medium Enterprises Office (MSMEO) of the provincial government of Ilocos Norte is rolling out again its micro-financing assistance program to help micro and small entrepreneurs affected by the Covid-19 pandemic.

The micro-financing assistance program was first launched in October 2020 to provide zero interest rate loan ranging from PHP10,000 to PHP200,000 that is payable in 12 months for qualified MSEs.

MSMEO officer Elma O. Gabriel on Wednesday said the first batch of 30 beneficiaries this year will receive their grant next month.

“The application started last Jan. 18 and it will end until Feb. 15,” she said.

Gabriel said among the requirements include the submission of loan application form, one valid government-issued ID, photocopy of valid ID of borrower and co-borrower, proof of business address, barangay business certification/business/mayor’s permit, Department of Trade Industry registration, and the latest audited or in-house financial assistance or proof of income.

The micro-financing program for qualified beneficiaries is part of the continuing strategy of the provincial government to stimulate its local economy in lieu of the ongoing threat of the Covid-19.

As stated in the agreement, a borrower who fails to refund within the one-year maximum grace period will be given a penalty of 2-percent interest per month.

But in case of long default for six consecutive months, a demand letter will be issued to settle the full amount including the accrued penalties.

Failure to settle the obligation means facing appropriate charges in court. (PNA)