CEBU CITY, Philippines — The Cebu Metropolis authorities has put aside P5 million this 12 months for low-income residents or low-income households who need to begin a small enterprise.
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The P5-million fund has been allotted to Division of Social Welfare and Providers of the Cebu Metropolis authorities, who might be in command of vetting and releasing of the P5,000 to P10,000 seed cash for small companies to beneficiaries.
This could be via the DSWS Self-Employment Help Program (DSWS-SEAP).
Zenaida Nacional, focal particular person of DSWS-SEAP stated in a message on Thursday, August 15, that town had allotted P5 million to beneficiaries of the of the zero-interest mortgage program for this 12 months.
Nacional stated that for final 12 months this system had an allocation of P10 million and almost 2,000 residents from totally different barangays within the metropolis have been capable of avail of short-term monetary mortgage program at the moment.
She stated that to qualify for the SEAP, the candidates should be Cebu Metropolis residents incomes lower than P10,000 per 30 days, not employed in whether or not in a personal or authorities workplace and should have an current small time enterprise.
In response to the Cebu Metropolis Public Info Workplace, the DSWS has recorded 1,743 residents from totally different barangays who availed of the mortgage program.
With majority of distributors at Carbon Public Market and farmers from mountainous barangays within the Metropolis.
As of July this 12 months, the DSWS has accepted 139 functions of its Self-Employment Help Program (SEAP) with 28 of those are new candidates.
Nacional stated that beneficiaries may mortgage P5,000 from town, which should be repaid inside a 12 months whereas repeat debtors may borrow as much as P10,000 from this system.
“As soon as mabayaran nila in a 12 months ang ilang gihuwaman, maka-qualify sila nga makahuwam once more, pero occasions two na ang ilang mahuwam,” she stated.
(As soon as they’ll pay their mortgage in a 12 months, then they’ll qualify to borrow once more however these can be occasions 2 the quantity of what that they had beforehand borrowed.)
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In the meantime, as a way to avail of this system, the beneficiaries should submit an endorsement from the barangay captain, barangay’s Gender and Growth (GAD) focal particular person, or from a barangay councilor.
Moreover, the beneficiary should full the validation course of required by DSWS, endure an half day expertise coaching by Division of Manpower Growth and Placement and wait three to 4 weeks earlier than receiving the mortgage, Nacional stated.
To repay the mortgage, the beneficiary is required to pay the mortgage in Metropolis Treasurer’s Workplace (CTO) after which submit the receipt to the DSWS for recording.
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