Muntinlupa extends zero-interest loans to entrepreneurs
Muntinlupa City has extended P5.8 million worth of zero-interest loans to hundreds of budding entrepreneurs in the city.
A total of P5.8 million were given to 208 beneficiaries of the Tulong Negosyo program by the local government which committed “to support” the small-time businessmen in the city.
“Tulong Negosyo is Muntinlupa City’s program that caters to small-time entrepreneurs (SMEs) through providing them with financial assistance ranging from 2,000 up to 150,000 pesos. It depends on the business capital ceiling and payment record,” the public information office (PIO) said.
Mayor Jaime Fresnedi, who led the distribution at the Muntinlupa City Hall last week, said that the local government “vows to support” them through additional capital loan assistance and other capacity building training.
“[It is] for them to thrive their business in the city,” he added.
The Tulong Negosyo program has three categories, the PIO said. These include the Simulang Kapital (SIKAP) Pangkabuhayan, which offers a loan capital of P10,000-75,000; the Asenso Loan Program, which offers a loan capital of P75,000-100,000; and the Maunlad Loan Program, which offers a loan capital of P150,000-300,000.
Tez Navarro, PIO chief, said that the payment term for the loan depends on the amount borrowed, with one year as maximum time given and zero interest.
The loan assistance program also incorporates a savings program to teach the small-time entrepreneurs “about the importance of economizing, and serve as protection to the clients and the program,” the PIO said.
“Entrepreneurial education through training and other related interventions have [also] been implemented for them,” the PIO added.
The program is being facilitated by the Joint Resource Financing Department, which partnered last month with Technical Education and Skills Development Authority (TESDA) and other private companies to conduct a series of business lectures for Tulong Negosyo beneficiaries.