The Department of Trade and Industry (DTI) on Thursday urged storm-hit businesses to tap into a government financing program aimed at helping them recover from disaster, or the recent typhoon Kristine and Leon.

DTI Acting Secretary Cristina Aldeguer-Roque made the call during a Palace briefing, saying the agency was “aggressively” promoting the Small Business Corporation’s (SBCorp) loan programs to micro, small and medium enterprises (MSMEs) affected by the recent storm.

The government has allocated P2 billion pesos (for the Enterprise Rehabilitation Financing (ERF) program under SBCorp, which is available to all MSMEs operating in areas under a State of Calamity.

The ERF program provides emergency working capital to help MSMEs address financial impacts from disasters, including losses in inventory, operational disruptions, revenue decline and damages to fixed assets.

Under the program, new and existing SBCorp borrowers can access loans of up to P300,000 pesos, repayable monthly over three years with no collateral required.

The program also offers a zero-interest rate for the first year and a 1% monthly interest rate for the remaining two years.

“We want to make it easier for MSMEs to access these loans,” Roque said, citing the minimal requirements for applicants. “You just have to prove that you have an ongoing business.”

The DTI is promoting the program as part of its efforts to support MSMEs affected by the recent storms that hit Luzon and Visayas and help them get back on their feet.

The country is prone to natural disasters, including typhoons and floods, which often have a devastating impact on the country’s MSMEs.

The government’s financing program is seen as a vital lifeline for these businesses, which are a dynamic driver of the country’s economy.