ILOILO – Microenterprise owners and overseas Filipinos workers (OWFs) in this province adversely affected by the coronavirus disease 2019 (COVID-19) pandemic may secure a loan from the provincial government for up to P100,000 with zero interest and payable for one to two years.
This loan facility is under the business recovery assistance program of the capitol called EMBRACE (Expanded Microbusiness Recovery Assistance during Crisis and Emergency).
The provincial government recognizes that the pandemic has adverse socioeconomic impacts on small businesses and OFWs such as losses in business revenues and retrenchment.
Microenterprise owners applying for a loan must be bona fide residents of Iloilo province for at least six months prior to date of application, and that the applicant’s business must be located within the province and operating for at least one year prior to application.
The loan applicant must also show having suffered substantial losses due to either of the following.
a. temporary closure of operations for at least one month
b. losses attributed to at least 20 percent decrease in monthly revenues for two months within the period of crisis or emergency
* engaged in industry, agri-business and/or services with an asset size of not more than P3 million
* have employed at least two employees other than himself or herself but not more than nine; the employees must likewise be residents of Iloilo province
For OFWs seeking a loan, here are the requirements:
* bona fide resident of Iloilo province for at least six months
* have experienced job displacement due to the receiving country’s national crisis and emergency or having been infected by ommunicable disease
* have not received any credit assistance from the host country
* be an active member of the Overseas Workers Welfare Administration subject to verification by the Public Employment Service Office
Documentary requirements
For microenterprise owners:
* duly accomplished application form
* project proposal/business plan
* latest annual income tax return
* mayor’s permits
* sworn affidavit of non-availment of loan assistance from any government instrumentality, subdivision or agency
* barangay certificate to prove the following:
a. business operation within the province at least one year prior to application and employment of at least two personnel who are both residents of Iloilo Province.
b. residency and attestation that the enterprise suffered substantial losses
* Post-dated checks or co-maker
For OFWs
* Duly accomplishment form
* Project proposal
* Copy of passport or travel document
* Copy of flight ticket or boarding pass evidencing return to the Philippines or arrival stamp/sticker attached in the passport
* Proof of overseas employment such as but not limited to valid verified overseas employment, OEC, residence ID, among others
* Sworn affidavit attesting that he or she was not able to recieve any form of credit assistance from his/her host country
* Postdated check or co-maker. Proof of financial capacity of the co-maker such as but not limited to Income Tax Return (ITR), payslip, latest financial bank statement
* Certificate of participation to basic entrepreneurship training conducted by LEDIP (Local Economic Development and Investment Promotion) Center or Department of Trade and Industry/PN
