An additional 51 local micro-entrepreneurs received zero-interest loans from the Muntinlupa City government to tide them over amid the ongoing COVID-19 pandemic.

Mayor Jaime Fresnedi (center) turns over the city government’s zero-interest loan assistance amounting to P938,000 to the new Tulong Negosyo beneficiaries at the Muntinlupa City Hall. (Muntinlupa PIO / MANILA BULLETIN)

Mayor Jaime Fresnedi turned over P938,000 loan assistance to 51 micro, small, and medium enterprise (MSME) owners as part of the city government’s Tulong Negosyo program. Among them, two entrepreneurs received P100,000 each and another got P75,000.

Muntinlupa is the first local government unit to introduce a micro-financing program to help small businesses.

Tulong Negosyo provides micro-finance assistance ranging from P2,000 up to P150,000 depending on the business capital ceiling and payment record of beneficiaries. The program gives additional capital for business expansion for aspiring and established business owners in Muntinlupa.

Last year, the loan repayment period under the program was extended by three months for clients with existing loans from March to June 2020 in a bid to help them recover from losses due to the pandemic.

Tulong Negosyo program has three categories: Simulang Kapital (SIKAP) Pangkabuhayan with loan application amounting to P2,000 to P5,000; Asenso Loan Program amounting to P6,000 to P75,000; and Maunlad Loan Program amounting to P75,000 to P150,000.

A Savings Program has been incorporated into the loan assistance to teach clients the importance of economizing as well as serve as protection to the clients and the program.

Because of the physical distancing protocol, the Tulong Negosyo has implemented online application services and a cashless repayment system through Smart Padala and G-Cash.


Source: Manila Bulletin (https://mb.com.ph/2021/01/28/more-small-businesses-get-help-from-muntinlupa-city-government/?utm_source=rss&utm_medium=rss&utm_campaign=more-small-businesses-get-help-from-muntinlupa-city-government)