The Small Business Corp. Department of Commerce and Industry (DTI) announced on Friday that it will reopen its online borrower registration system (BRS) of the COVID-19 Business Restarting Assistance Program (CARES) on August 17 in as part of the economic assistance program for micro and small businesses affected by the COVID-19 pandemic.
In a statement, SB Corp said online loan applications received before the said date are already in the final stages of processing, maintaining a first-come, first-served queue.
Marked as CARES 2 to distinguish from running the program for the first time, the next CARES window will require all applicants to apply through SB Corp’s online BRS. in this link https://brs.sbgfc.org.ph.
Manual applications will no longer be accepted.
The loan features of CARES 2 will have the same features as CARES 1, including loan limit, zero interest rate, service charges, grace period, and repayment terms.
The same company identification and registration documents are required.
However, to facilitate loan release as well as to reduce physical contact and minimize community transmission of COVID-19, CARES 2 loan applicants applying for loans over P 30,000 are required to have a bank account where SB Corp. deposit the proceeds of the loan release.
The bank account must be either at the Land Bank of the Philippines or at any participating bank in PESONet or InstaPay.
For loan requests below P 30,000, Electronic Money Accounts (EMA) such as GCash and PayMaya can replace the bank account requirement.
The bank / EMA account should be in the name of the loan applicant.
Loan seekers will not be able to apply online without their bank / EMA details.
Additionally, SB Corp. stated that it will not allow bank account / EMA details to be changed during the loan release phase, compared to what is stated in the online loan application.
CARES 2 loan applicants will also need to submit the following when applying online:
- Three photos of the company’s operations and fixed assets, including commercial signage. Image file size should be limited to less than 2MB; and
- A one to three minute video on the operations of the business, with the loan seeker explaining the company’s products and services, buyers and suppliers, level of sales and number of employees. For ease of downloading, the video can be cut into one-minute sections.
In the event that the loan applicant has an outstanding negative credit history with a financial institution (FI) prior to the COVID-19 pandemic, an approved payment agreement with the relevant FI must first be secured, said SB Corp.
Otherwise, the loan request will be automatically refused.
The processing of loan applications from officially registered MEPs who are able to submit the following documents will be completed within a few working days after verification of the documents:
- SSS registration of employees in 2019, to serve as the basis for the number of employees before the Covid-19 pandemic.
- Financial statements filed by BIR for 2019, to serve as a basis for annual sales volume. The financial report in question must show positive net income.
“Likewise, loan applicants must ensure the correct encoding of their first, second and last names. The name on the application must be exactly the same name on the borrower’s government issued ID and supporting documents, ”said SB Corp.
“Otherwise, the loan application will be rejected. The loan seeker will have to submit a new online application, ”he said. – DVM, GMA News