The Ilocos Norte government, through its Micro, Small, and Medium Enterprise Office (MSMEO) has allocated around PHP7.5 million in its 2026 budget to provide a loan assistance program to innovators and entrepreneurs.
Elma Gabriel, head of the MSMEO, confirmed this on Wednesday following the Sangguniang Panlalawigan’s approval of her department’s budget to help stimulate the growth of business startups as well as existing businesses that are in need of additional capital to develop more products or expand their market reach.
Gabriel said all eligible and qualified borrowers will be required to submit a business plan. Each successful applicant may avail of a maximum loan amount of PHP150,000 to be paid in a 12-month period or within a year.
“We hope to start accepting applications by January,” Gabriel told the Philippine News Agency.
The microfinancing assistance program of the provincial government started in 2020 and has already benefited hundreds of local entrepreneurs. Most of the borrowers were food processors and handicraft makers who needed to scale up and improve the quality of their products.
“I am glad that I was once a beneficiary of the loan program of the provincial government, which opened up more market opportunities for me and my family,” Jovelyn Crusina, an artisan from Pagudpud who has been making and selling fashion accessories and various handicrafts made from coconut shells, said.
Aside from the loan assistance program, the provincial government is also assisting local entrepreneurs with various capacity-building and training to improve their business operations.
Among these include digital marketing, food safety, and bookkeeping. (PNA)