Mayor Raisa Treñas is pushing for the approval of the Negosyo Credit Access for Resilient Enterprises (CARE) Program, a proposed initiative that seeks to provide interest-free and collateral-free loans to micro, small, and medium enterprises (MSMEs) in Iloilo City.
The proposal, now pending before the Iloilo City Council, aims to improve access to capital by extending affordable loans that would help entrepreneurs start, sustain, or expand their businesses without the burden of interest payments or collateral requirements.
Treñas said the program is designed to serve as a source of working capital for local businesses, particularly those in need of financial assistance to recover from setbacks or pursue expansion.
“This is a loan program, not a cash payout. The assistance will not be limited to small amounts because the goal is to provide meaningful financial support. Just as we have emergency employment programs, we also want to provide emergency loans for businesses,” the mayor said.
The city government wants to ensure that entrepreneurs can access capital without incurring additional costs from interest and use it as seed capital to grow their businesses,” Treñas continued.
The mayor emphasized that eliminating interest charges would allow business owners to reinvest more of their earnings into their enterprises instead of using them to pay financing costs.
“The important thing is that they will only have minimal payments and no interest. Instead of spending a significant amount on interest, they can use the funds to expand their businesses. This program will help strengthen our MSMEs by providing them with much-needed seed capital,” Treñas added.
Once approved by the City Council, the Negosyo CARE Program is expected to strengthen the city’s support for local entrepreneurs by providing accessible financing that promotes business recovery, expansion, and long-term sustainability.IMT
