The City of Mati LGU’s stimulus package for small and medium enterprises will soon be started after Mayor Michelle Nakpil Rabat certified the proposed ordinance on Mati Economic Recovery Program as a priority.
In a letter to the City Council dated October 13, Mayor Michelle requested the Council headed by Vice Mayor Glenda Rabat-Gayta for the passage of an Ordinance Establishing the Guidelines on City of Mati Economic Recovery Program Known as “Tabang Aron Tubagon ang Krisis sa Mga Negosyanteng Responsabli (TATAK MNR) Program with the aim of helping the micro and small enterprises operating within the City of Mati that are affected by the Covid-19 pandemic and for other purposes.
TATAK MNR Program will initially allot P12 million stimulus fund for businesses operating within the City of Mati that are affected by the community quarantine brought about by the Covid-19 pandemic.
The stimulus fund aims to relieve and alleviate their economic distress and re-establish their economic activities by way if providing them financial support to augment additional capital to improve their business that were greatly affected by the pandemic.
On Tuesday, October 20, Rosendo Linsag, Mati City Trade Industry Investment Development and Promotion Office head, appeared before the City Council for the deliberation of the proposed ordinance. Councilor Anthony John Eric Rabat sponsored the proposed ordinance.
The stimulus package loan is available only for micro and small businesses owned and legally operated by a resident of the City of Mati, business with sole proprietorship, and business that is in profitable operation for at least one year by March 2020.
For those interested to avail, you need to submit the following:
1. Accomplished and signed application form
2. Copy of 2 valid IDs
3. Marriage contract (if applicable)
4. Photocopy of audited financial statement and/or income tax returns for both business and operator for the past 1-3 years
5. Business permit
6. DTI business name registration
7. Detailed business plan which includes the following (TWG will provide simplified detailed business plan for the applicants to fill in):
* business profile (background and nature of business)
* loan purpose (additional capital to an existing business)
* expected return of investments (ROI)
* possible ways of loan- repayments
8. Post-dated cheque (only for loan approved of P50,000 and above)
9. Original signed and dated promissory note
10. Other additional requirements which may be needed
The loanable amount is from a minimum of P10,000 to a maximum of P100,000.
Gaming and other illegal businesses are not allowed to avail of the stimulus package.
The loan has a 6-month grace period and payment will start on the 7th month after the release of the loan and is payable within 3 years.
In case of payment delinquency for three consecutive principal/amortization payment, the loan obligation becomes due and demandable in favor of the city.
The stimulus package loan is collateral-free, however, a notarized promissory note must be executed by the borrower in favor of the City of Mati LGU.
The stimulus package is sourced from the 20% Local Development Fund of the City of Mati LGU. (CIO MATI)