Trade Secretary Ramon Lopez said that under the P10 billion Bayanihan COVID-19 Assistance to Restart Enterprises (CARES) program being implemented by the funding arm of the DTI, Small Business (SB) Corp., MSMEs will tap loans.

We urge all MSMEs in all regions across the country to consider taking the step of reopening or reconfiguring their respective enterprises. The features of the Bayanihan CARES loan are meant to enable entrepreneurs with sufficient elbow space to restart their businesses. For one year, there is no need to think about loan repayments. There is also no need to worry about rising funding expenses," he said.

Luna Cacanando, president and chief executive officer of SB Corp., said 21,659 loan requests worth P2.35 billion were accepted as of Feb.9.
Lopez said that considering the current pandemic, the loan application process has been made simpler by simplifying the paperwork and removing conventional criteria.

We also simplified the application process and made it online to make sure that this service is open to more companies. Within seven working days, SB Corp. completes its review of loan requests, and quicker if the documents are complete. Submission of records such as tax returns from the BIR (Bureau of Internal Revenue) will fast-track approval, he said.

Contrary to what other sources suggest, there is no backlog on her loan appraisal work. We are also encouraging more applicants from MSMEs for the program,” he said.
Loan releases are often done electronically, apart from loan applications and assessment, but can be done physically if requested by the borrower.

The program is open to MSMEs, cooperatives, hospitals, and tourism enterprises that have been in service for a minimum of one year.
Filipino employees repatriated or returning overseas looking to start a business may even apply for a loan under the CARES program after taking some training.