Wed, 02 Dec 2020

DOT to tourism business: Avail of the SB Corps CARES for TRAVEL

Philippine Information Agency
30 Oct 2020, 00:38 GMT+10

QUEZON CITY, Oct. 29 (PIA) - The Department of Tourism (DOT) appealed to micro, small and medium enterprises (MSMEs) to avail of the CARES for Tourism Rehabilitation and Vitalization of Enterprises and Livelihood (CARES for TRAVEL) Program to help sustain their businesses and keep their workers amid the on-going COVID-19 pandemic.

During a DOT-hosted webinar last October 27, entitled "COVID-19 Assistance to Restart Enterprises (CARES): Accessing to Zero Interest Working Capital Loan", the Small Business Corporation (SB Corp.) announced the opening of loan applications under the CARES for TRAVEL program, which primarily seeks to assist tourism MSMEs.

Under the program, tourism MSMEs will have access to zero interest, no collateral loans with a loan term period of up to four (4) years, including a corresponding grace period of up to one (1) year. The borrower MSMEs will only need to pay a one-time service fee to the SB Corp, the amount of which will depend on the loan term period: 4% for one (1) year; 6% for two (2) years; 7.5% for three (3) years; and 8% for Four (4) years.

SB Corp will evaluate and process all loan applications of DOT-accredited MSMEs and local government (LGU)-accredited small-scale tourism-oriented enterprises to ensure their eligibility, and will determine the loanable amount and terms in accordance with the CARES for TRAVEL guidelines. MSMEs with financial statements (FS) in 2018 or 2019 filed with the Bureau of Internal Revenue (BIR) and have no unresolved negative credit dealings are automatically eligible to apply.

The initial loan amount to be granted to MSME applicants will be based on the submitted BIR-filed FS: not more than Php 1 million for medium enterprises; not more than Php500,000 for small enterprises; and not more than Php200,000 for microenterprises. Higher loan amounts may be approved with additional requirements. For MSMEs without BIR-filed FS, additional requirements are needed which includes 2019 Mayor's Business Permit, Barangay Business Permit and pictures, videos of inventories, equipment and assets.

Tourism enterprises may access the SB Corp's CARES Bayanihan 2 Borrower Registration System here:

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