DTI’s RISE UP Financing Program Benefits MSMEs in Negros Oriental

DUMAGUETE CITY: Micro, small, and medium enterprises (MSMEs) in Negros Oriental are benefiting from an affordable financing program by the Department of Trade and Industry (DTI) aimed at combating high-interest loan sharks.

According to Philippines News Agency, the RISE UP (Resilient, Innovative, and Sustainable Enterprises Unleash your Power) program is a spin-off of the DTI’s Pondo sa Pagbabago at Pag-asenso program, designed to provide existing small businesses with a loan option that has lower interest rates compared to other lending institutions. The loans, made available through the DTI’s financing arm, the Small Business Corporation (SBCorp), offer MSMEs a maximum loanable amount of PHP300,000 payable within three years. The loan has a diminishing 1 percent monthly interest rate. As of March 24, 20 loan applications have been approved, with 16 applications totaling PHP2.2 million already released by March 31. The DTI continues to accept and process loan applications from MSMEs that are registered, have a business permit, and can show proof that their business is thriving. Bato clarified that the loan under the RISE UP program is not intended for start-up capital.