from the government stimulus package as applications from micro, small and medium enterprises for financial help piled up.
To augment the SB Corp kitty, Lopez said DTI will divert funds from the P3 portfolio and the additional borrowings from the whole fund of Land Bank of the Philippines and the Development Bank of the Philippines. Of the 22,932 applications, SB Corp has recommended the approval of 1,153 worth P97.7 million. This is on top of the 1,175 applications worth P100 million approved earlier. The approved loans are set for release by July 30.
The loan shall be used to help the enterprise stabilize or recover from its losses. Specifically, the following purposes are qualified: 1) Updating of loan amortizations for vehicle loans or other fixed asset loans of the business; 2) Inventory replacement for perishable stocks damaged; and 3) Working capital replacement to restart the business.
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