Small businesses in Iloilo urged to avail of loan program

Small business owners in the province of Iloilo are urged to avail themselves of the provincial government’s loan assistance program.

The Expanded Microbusiness Recovery Assistance During Crisis and Emergency (EMBRACE) program aims to help micro-entrepreneurs recover from the effects of the COVID-19 pandemic.

In October last year, the Sangguniang Panlungsod (SP) passed Ordinance No. 2020-242 allocating P15 million for the program.

Local Economic & Investment Promotion Officer (LEIPO) Velma Jane Lao, in a report by the state-run Philippine News Agency (PNA), said the program is open to pandemic-hit businesses with an asset of not more than P3 million.

Qualified micro-entrepreneurs can receive a minimum of P20,000 to a maximum of P100,000 each.

According to Lao, the loan is free of interest and collateral although a three percent service fee will be charged upon processing of the loan and is deductible from the principal amount to be released.

The loan assistance of up to P50,000 is payable in one year and two years for over P50,000.

Lao said returning overseas Filipinos (ROFs) with no economic sources may also avail of the loan assistance program to start their own businesses.

Those who are interested are advised to visit the LEIPO of their respective local government units (LGUs).IMT