The province of Ilocos Norte is offering another round of loan assistance to small business owners to help them recover from the pandemic.
Elma Gabriel, officer-in-charge of Micro, Small and Medium Enterprises Office under the provincial government, said Monday they have started accepting loan applications for the micro financing program ranging from PHP10,000 to PHP100,000.
With zero interest rate, the qualified applicant agrees to pay the amount not exceeding 18 months from the date the amount borrowed was received.
As part of the agreement, the borrower is required to present collateral such as proof of ownership of a vehicle, a piece of machinery, or a post-dated check.
“In the event that a borrower fails to refund within the maximum grace period, the provincial government will be imposing a corresponding penalty,” she said.
In previous years, Ilocos Norte saw the growth of micro, small and medium enterprises (MSMEs) as it stirred the province’s economic growth.
This, however, made a turn-around since the imposition of community quarantine, closing micro and small businesses which account for 98 percent of established businesses and employ 62.8 percent of the country’s workforce. (PNA)
