Ilocos Norte offers zero-interest loan to small biz

Philippine News AgencySeptember 16, 2021

ECONOMIC RECOVERY. The province of Ilocos Norte is offering a zero-interest loan to small businesses affected by the pandemic. The amount ranges from PHP50,000 to PHP100,000 and it is payable within 18 months. (PNA photo by Leilanie G. Adriano

LAOAG CITY – The Ilocos Norte government continues to boost its economic recovery program focusing this time on small businesses.

As part of its coronavirus disease 2019 (Covid-19) business rehabilitation projects, the micro, small and medium enterprise office (MSMEO) of the provincial government calls on eligible applicants to avail of another round of "zero interest” loan program ranging from PHP50,000 to PHP100,000.

Elma Gabriel, head of the MSMEO, on Thursday said submission of application is now ongoing through a designated small and micro-enterprise coordinator in their respective local government units.

“For interested applicants whose LGUs are under lockdown, you may submit your applications at Applicants who will be able to submit complete requirements shall only be accepted and on a first-come, first-served basis,” Gabriel said in an interview.

To avail of the program, Gabriel said a qualified applicant should agree to pay the loanable amount not exceeding 18 months from the date it was received.

Collateral such as proof of ownership of a vehicle, a piece of machinery, or a post-dated check is also needed.

Due to movement restrictions, many micro and small enterprises in the province have closed shops for months, affecting the province’s local economy.

Government data shows small businesses account for 98 percent of established businesses in the province, employing about 63 percent of the local workforce. (PNA)

Read More