Looking to Start a Business? Here are 3 Government Programs That Could Help You

Starting up a small business is exciting and challenging at the same time. As the backbone of the economy, the government has programs lined up to help and empower MSME entrepreneurs. These programs provide the necessary support to ease business applications, financial support, and proper guidance for businesses.

Here are three government programs you should take advantage of when starting a business:

Pondo sa Pagbabago at Pag-Asenso (P3). P3 aims to assist micro-enterprises through monetary means by providing affordable loans at a 2.5% interest rate. Qualified enterprises can avail of loans from P5,000 to P200,000, depending on the size of the business.

Requirements:
– Duly accomplished loan application
– Business registration/DTI Business Name Registration/Valid ID/Barangay Clearance

Kapatid Mentor Me. This program is a 10-module mentorship that aims to equip Micro and Small Enterprises with the needed knowledge to improve their entrepreneurial capacity through improved access to Mentorship, Money, and Market or 3Ms.

Requirements:
– At least 18 years of age
– Must be a Filipino and resident of the Philippines
– Must be the owner or co-owner of and/or partner of the business
– Business is registered (with documentation)
– Business is operating for at least one year
– Has employee/s and/or manages a team
– Willing to attend sessions on specified schedules
– Willing to enter into a Contract of Commitment
– Three (3) references who can vouch for your business
– Applicants belonging to the ME segment (P3M below) will be given priority

Negosyo Center. The Negosyo Center Program, created by the Department of Trade and Industry (DTI), is designed to make it easier for Micro, Small, and Medium Enterprises (MSMEs) to conduct business and access essential services. The program aligns with Republic Act No. 10644, also known as the “Go Negosyo Act,” which aims to empower MSMEs, leading to the generation of additional job opportunities in the country.

The Negosyo Center helps entrepreneurs by assisting in business registration processes, offering a range of information, services, and training, as well as assistance with financing and marketing, and helping individuals and businesses gain access to grants and various types of financial assistance. (ASC)