ILOILO City – The provincial government of Iloilo is processing the release of loan assistance to five small businesses through the Expanded Microbusiness Recovery Assistance During Crisis and Emergency (EMBRACE) program.
According to Velma Jane Lao of Local Economic and Investment Promotion Officer (LEIPO), five other applicants are set to be validated as they continue to invite those interested to avail of the assistance.
EMBRACE is a loan assistance program for microentrepreneurs and returning overseas Filipino (ROFs) workers affected by the health pandemic.
Its implementation is backed by Iloilo Provincial Ordinance number 2020-242 passed by the Sangguniang Panlungsod in October last year, which annually allocates P15 million as fund support to be divided into the province’s five districts.
It is open to microentrepreneurs with an asset of not more than P3 million and whose businesses have suffered substantial losses due to crisis and emergency.
A qualified microentrepreneur can receive a minimum of P20,000 to a maximum of P100,000.
“It is free of interest and collateral although a three percent service fee will be charged upon processing of the loan and is deductible from the principal amount to be released,” Lao said on Friday.
The loan assistance of up to P50,000 is payable in one year and two years for over P50,000.
Meanwhile, ROFs with no economic sources may avail of the loan to start their own business. However, Lao said they have yet to receive applications from this sector.(PNA)
