The local government is preparing an interest-free, no-collateral loan program for micro, small and medium enterprises (MSMEs) as part of efforts to help local businesses expand.
Mayor Raisa Treñas announced the initiative during the opening of the first Iloilo City MSME Summit on Wednesday, stressing the city government’s commitment to creating an environment where businesses can start, survive and grow.
“Your businesses are not small in impact; you are the backbone of our local economy. You create jobs, you feed families, you bring innovation to our streets and markets, and you make Iloilo City a city of opportunity,” Treñas told participants.
The planned loan program will complement existing city initiatives, including the Uswag Negosyo Academy, which provides MSMEs with training on marketing, finance and digitalization through the Sustainable Income Generation through Entrepreneurship program.
Treñas said the program was initially developed to assist market vendors during the rehabilitation of public markets but will soon be expanded to benefit all MSMEs in the city.
The mayor highlighted the Nano Enterprise Incentives Ordinance, which has received at least 500 applications from aspiring nano-entrepreneurs since it was passed in February.
The three-day summit, themed “Bridging MSMEs to Knowledge, Finance and Markets,” aims to help businesses gain access to training, financing opportunities and markets.
The event opened with the launch of the Iloilo City MSME Champion Program and a session on starting a business. Succeeding sessions will focus on business compliance, security strategies, digital payments, financial literacy, fraud prevention, credit access, insurance, investments and digital market expansion. (PNA)