Details about the DTI Cash Loans for Typhoon Carina-Hit Businesses
DTI – The Department of Trade and Industry announced that businesses hit by Typhoon Carina may apply for cash loans.
One of the strongest typhoons that have entered the Philippines this year is Typhoon Carina. It was even predicted to have the capacity to become a super typhoon. It brought heavy rains and strong winds during its onslaught to the country.
Typhoon Carina’s wrath forced thousands of Filipino families to leave their homes for their safety. Several areas were left under a State of Calamity and many families have yet to recover from the impacts of the natural disaster.
A lot of people lost not only their homes but as well as their source of living to the typhoon. Many businesses are enduring its impact until now.
During instances of natural disasters, the government agencies are among those that extend helping hands to the victims. The Social Security System has opened its SSS Calamity Loan offers for members who are victims of Typhoon Carina.
The Government Service Insurance System, more popularly called GSIS, has also opened its Emergency Loan offers for qualified members who are living in areas declared under a State of Calamity. Members of the Pag-IBIG Fund may also turn to the Pag-IBIG Calamity Loan.
Recently, the Department of Trade and Industry, more popularly called DTI, also made an announcement about cash loan offers. Based on a report on Inquirer, the government agency announced a loan that businesses affected by Typhoon Carina may turn to.
According to DTI, the cash loans for Typhoon Carina-hit businesses is offered through the government lender Small Business Corp. or SBC. It was launched under the special loan facility Enterprise Rehabilitation Financing (REF).
Under the loan offer for businesses affected by Typhoon Carina, business owners may borrow up to Php 300,000. The loan is payable within three (3) years and it targets MSMEs affected by the typhoon. It is interest-free in the first year and it increases for 1% per month based on a diminishing principal balance method in the 2nd and 3rd year of the loan term.
Who are qualified to apply for the DTI loan offer? The MSMEs in the following regions and provinces may apply:
- National Capital Region
- Ilocos Norte
- La Union
- Bataan
- Pampanga
- Bulacan
- Tarlac (Camiling)
- Cavite, Rizal
- Laguna (Mabitac)
- Oriental Mindoro (Pinamalayan and Baco)
- Romblon (San Andres)
- Zamboanga (Tambulig)
- Davao Occidental (Jose Abad Santos)
- Cotabato (Kabacan and Pikit)