Makati City, Philippines—The Department of Trade and Industry (DTI) launched on November 07 the Enterprise Rehabilitation Financing (ERF) Kristine, a government-backed emergency fund dedicated to supporting micro, small, and medium enterprises (MSMEs) devastated by the Severe Tropical Storm (STS) Kristine.

Through the DTI-Small Business Corporation (SBCorp), this specialized loan offers concessional terms to address the immediate needs of MSMEs. These include the repair and replacement of damaged fixed assets and inventories, recovery from operational disruption, and compensation for revenue loss.

Department of Trade and Industry (DTI) Secretary Cristina A. Roque during her speech at the launch of the Enterprise Rehabilitation Financing (ERF) Program

“With a budget of PHP 2.0 billion, this program is part of President Ferdinand R. Marcos Jr.’s assurance to the Filipino people that the government is fully committed to helping those affected by STS Kristine,” said DTI Secretary Cristina A. Roque.

“This new specialized and market-responsive financing program for MSMEs, we aim to provide a meaningful contribution to their recovery, rebuilding, and revitalization,” she added. Secretary Roque added that the ERF Program is a time-bound initiative, with a loan application being accepted for the next three months or until funds are fully allocated. She also encouraged all qualified MSMEs to take advantage of this opportunity.

In the photo: DTI Secretary Cristina A. Roque with beneficiaries of the ERF program

Existing clients and prospective new borrowers of SBCorp can apply for loans up to PHP 300,000, with flexible monthly payments over a three-year term.

This financial assistance includes a zero-interest provision for the first year, followed by a 1% monthly interest rate on the remaining balance in the second and third years. Additionally, a three-month grace period is available, providing ERF borrowers with an option for a reprieve from payment.

New borrowers applying for loans exceeding PHP 100,000 need to submit either a Mayor’s Permit or a Barangay Micro Business Enterprise (BMBE) Certificate. For loans up to P 100,000, borrowers must provide a Barangay Certification, a government-issued ID, proof of a bank or e-money account, and any applicable corporate documents.

To streamline the lending process and improve convenience for all enterprises, the SBCorp. is accepting applications through the loan portal at https://brs.sbcorp.ph

The ERF Kristine has now been activated to deliver assistance to over 23,000 barangays across Regions 1 to 5 and key areas in Eastern Samar and North Cotabato.

Similar efforts were launched in response to STS Carina in June and Super Typhoon Julian in October, the SBCorp launched ERF Carina and ERF Julian.

The ERF Program is a standby loan facility of SBCorp, designed to activate a swift response to severe typhoons, natural disasters, public health emergencies, and other events that impact the stability and continuity of MSME operations.

Other than the ERF, the SBCorp has provided a total of PHP 14.4 billion in loans to aid 71,902 MSMEs nationwide through the Bayanihan COVID-19 Assistance to Restart Enterprises and the RISE-UP Loan Programs. Mandated by the Republic Act (R.A) 8289 and R.A. 9501, the SB Corp. is a government-owned and controlled corporation established under the Magna Carta for MSMEs. It is under the policy program and administrative supervision of the MSME Development Council of the DTI. ♦

Date of release: 28 November 2024