A total of P4.22 million worth of loans has been extended by the Department of Trade and Industry (DTI) and its financial arm, Small Business Corporation (SBCorp), under the Women’s Enterprise Fund (WEF).
The loans were extended to 24 women entrepreneurs, who will utilize the fund to put up or expand their variety store, garment business, pharmacy, beauty salon, and cafe and restaurant ventures. I said the initial P8 billion disbursement under the program will be taken from SBCorp’s Resilient, Innovative, and Sustainable Enterprises, Unleash your Powers (RISE UP) program, a financial facility under WEF.
SBCorp has allocated PHP1 billion for WEF. The program provides loans of up to P5 million without collateral, while those up to P20 million will be required to pay a 1% monthly interest rate on a diminishing balance under a repayment term of up to five years.
During the program’s ceremonial launch on Thursday, Trade Secretary Cristina Roque said the program supports President Ferdinand R. Marcos Jr.’s bid to provide jobs to Filipinos so they will not opt to go abroad to provide for their families.
She said entrepreneurs who lack funds should emulate those who have succeeded in their field, with the help of government programs like the WEF.
“Sometimes having little is an advantage because we know this is all that we have. So, we have to make it grow. And we must make the best of it,” she said. (PNA)