SBCorp extends loans to trucking industry

Small Business Corporation (SBCorp) and the Alliance of Concerned Truck Owners and Organizations (ACTOO) signed a Memorandum of Agreement last June 29, 2021 extending the Bayanihan CARES loan program to qualified truck owners to help the logistics sector recover from the debilitating impact of the pandemic.

Following existing loan guidelines for Bayanihan CARES Program, more than 2,000 ACTOO members may apply for interest and collateral-free loans between P600,000 and P5 million for those who can submit their BIR-filed Financial Statement and from P10,000 to P200,000 for those without BIR-filed financial statements.

“I am certain that the partnership is a much awaited breakthrough for the transport and logistics sector. The sector was one of the first affected by the pandemic. At the same time it is one of the few sectors which is in a position to recalibrate and become a significant contributor to the economic recovery of our country,” SB Corp Executive Vice President Santiago Lim said.

Aside from the zero interest and no collateral features of the loan, Lim shared that the CARES Program grants six months to one year grace period and only charges a one-time service fee ranging from 4 to 8 percent depending on the loan payment terms.

‘We are thankful to DTI and SB Corp because they’ve changed our experience in dealing with government institutions. We are thankful for this reasonable and beneficial program. Nagpapasalamat kami sa DTI at SBCorp, hindi lang sa pagkakataong umutang, kung hindi dahil napatunayan naming na mahalaga rin pala kami sa gobyerno, ”Venarica Papa, ACTOO Vice President said.

Interested applicants may file their applications online through www.bayanihancares.ph.

For more information please visit the SBCorp Website www.sbcorp.gov.ph or call the Bayanihan CARES Hotline at 8651-3333.