Scribd
Upload
41 views3 pages

Guidelines For Online Applications: I. Loan Features

The document outlines the guidelines for applying for loans under the CARES 2 Program. It details the loan features such as eligible enterprise definitions, loan limits, terms and interest rates. It also lists the documentary requirements for online applications including identification documents, bank/electronic wallet account details, photos/videos of the business, and approved payment arrangements if there is a negative credit history. Fully registered enterprises that can provide additional documents like SSS registration and financial statements may qualify for a fast track loan process and higher loan amounts. The guidelines emphasize ensuring accurate application details and documentation to avoid rejection or legal penalties.

Uploaded by

ChRis dE Leon
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
41 views3 pages

Guidelines For Online Applications: I. Loan Features

The document outlines the guidelines for applying for loans under the CARES 2 Program. It details the loan features such as eligible enterprise definitions, loan limits, terms and interest rates. It also lists the documentary requirements for online applications including identification documents, bank/electronic wallet account details, photos/videos of the business, and approved payment arrangements if there is a negative credit history. Fully registered enterprises that can provide additional documents like SSS registration and financial statements may qualify for a fast track loan process and higher loan amounts. The guidelines emphasize ensuring accurate application details and documentation to avoid rejection or legal penalties.

Uploaded by

ChRis dE Leon
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 3

CARES 2 Program

Guidelines for Online Applications

I. LOAN FEATURES

Enterprise Micro enterprises have asset size not exceeding P3.0 million
Definition Small enterprises have bigger asset size but not exceeding P15.0 million

Micro enterprises may borrow from P10.0 thousand up to P200.0 thousand


Loan Limit
Small enterprises may borrow up to P500.0 thousand
Loan Term
Maximum of 18 months for loans not more than P50.0 thousand
inclusive of Grace
Maximum of 30 months for loans more than P50.0 thousand
Period
Grace Period Maximum of 6 months; loan amortization will start after the grace period
Loan Amortization Maximum of 12 months for loans not more than 50.0 thousand
after Grace Period Maximum of 24 months for loans more than P50.0 thousand

Interest Rate Zero


Service Fee
6% of approved loan amount if loan term does not exceed 18 months
(front-end
8% of approved loan amount if loan term exceeds 18 months
deducted)

II. DOCUMENTARY REQUIREMENTS

For ease of loan release as well as to reduce physical contact and minimize community
transmission of Covid-19, loan applicants under CARES 2 are required to submit the
documentary requirements as part of the online application. Non-submission of these
requirements will result to automatic rejection of the loan application.

A. Identification and Business Registration Documents

1. One (1) government-issued ID with picture


2. For loan requests exceeding P50.0 thousand, the following are required:
a. Mayor’s Business Permit dated within CY 2019; plus
b. Mayor’s Business Permit dated within CY 2020, or official receipt (OR) of
payment for renewal of Mayor’s Business Permit
3. For loan requests not exceeding P50.0 thousand, the following are required:
a. Barangay Business Permit dated within CY 2019; plus
b. Barangay Business Permit dated within CY 2020

B. Bank Account or Electronic Money Account

1. For loan requests exceeding P30.0 thousand, the following is required:


a. Bank account with Land Bank of the Philippines; or
b. Bank account with a bank accredited with PESONet or with InstaPay; or

2. For loan requests not more than P30.0 thousand, the following is required:
a. Fully Verified Account with GCash; or
b. Upgraded Account with PayMaya; and

3. The following guidelines shall apply:

a. The bank/EMA account must be under the name of the loan applicant (or under the
name of the corporate entity that is applying for the loan);
b. Loan applicants will not be able to proceed with their online application without
their bank/EMA account details; and
c. SBCorp will not allow a change in bank/EMA account details during the loan
release phase, relative to what is indicated in the online loan application.

C. Photos and Videos

1. Three (3) photos of the enterprise’s business signage and fixed assets - i.e. store outlet
and/or production area, inventories, equipment and/or vehicles. Image file size should
be limited to less than 2 MB; and

2. A one to three minutes video on the business (for ease of uploading, the video may be
cut into one minute sections). In the video, the loan applicant must explain its
operations prior to the pandemic:
a. Products and services;
b. Buyers and suppliers;
c. Monthly or annual sales; and
d. Number and work assignment of employees.

D. Approved Payment Arrangement with Financial Institutions

In case the loan applicant has an outstanding negative credit track record with any financial
institution (FI) prior to the Covid-19 pandemic, a payment arrangement with subject
creditor should be secured, and submitted with the online loan application. Otherwise, the
loan application will be automatically denied.

III. FAST TRACK WINDOW FOR FULLY REGISTERED ENTERPRISES

A. Additional Documentary Requirements

Loan processing of applications able to submit the following documents shall be completed
in a few working days upon documents verification:

1. SSS registration of employees in 2019, to serve as basis for number of employees prior
to the pandemic (for this purpose, the proof of payment to SSS of employee benefits in
December 2019 is required); and

2. BIR-filed financial statements (FS) for CY 2019 business operations, to serve as basis
for level of annual sales prior to the pandemic. Net income should be positive.

B. Loan Table for Fully Registered Enterprises

No. of SSS-
BIR-filed
Registered CARES 2
Type of Enterprise Annual Sales
Employees in Loan Amount
for CY 2019
2019

Micro or small 1 P750.0 thousand P100.0 thousand


enterprises 2 P1.50 million P200.0 thousand
Small Enterprises only, 3 P2.25 million P300.0 thousand
with asset size of more 4 P3.00 million P400.0 thousand
than P3.0 million At least 5 P3.75 million P500.0 thousand
IV. CORRECTNESS OF LOAN APPLICATION DETAILS

1. Loan applicants must ensure the correct encoding of their first, middle and last names. The
name on the application must be the exact same name reflected on the borrower’s
government issued ID and supporting documents. Otherwise, the loan application shall be
rejected. The loan applicant will have to submit a new online application; and

2. Loan applicants must ensure that all information and documentation to be provided on the
loan application are true and correct. Any material misrepresentation or false
documentation will result to automatic disqualification and said loan applicant would be
barred from further applying for a loan under the CARES Program. This is likewise without
prejudice to a possible legal action by SBCorp.

V. PRE-RELEASE REQUIREMENTS

1. For approved loans P100.0 thousand and above, Post Dated Checks (PDCs) are required to
be issued to SBCorp prior to actual loan release.
2. Borrowers of less than P100.0 thousand may opt to also issue PDCs.

VI. CO-BORROWERS

Loan applicants more than 65 years in age require a co-borrower from among their
economically active immediate family members.

For additional information, please contact the P3 Hotline at 8651-3333 for NCR and our toll free
hotline 1800 10 651 3333 for those outside Metro Manila.

You might also like