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Romero: P40-M Capitol fund for SME loans is ‘unprecedented’

The Provincial Capitol’s grant of P40 million as loan for micro and small enterprises in Pampanga is a first-of-its-kind in the region and probably in the country.

Rene Romero, founding leader of Pampanga Chamber of Commerce and Industry (PamCham) said that this is the first time that a provincial government is using a business chamber as a conduit to loan facilities, referring to the Pampanga Loan Assistance Program.

“This is something new where a provincial government is extending loan assistance thru a (business) chamber,” Romero told PNN.

He expressed thanks to Governor Dennis Pineda for the P40 million, which will be collateral- and interest-free to SMEs.

“This is definitely a big help to small traders who are still reeling from the effects of the pandemic,” he said.

On Wednesday, the PamCham and Pineda distributed the first tranche of assistance to 10 recipients of P100, 000 each.

Pineda, in his speech, said that he aims to sustain the loan program for SMEs by including it in next year’s budget.

The P40-million loan fund granted by the provincial government has the approval of the Sangguniang Panlalawigan as reported by Board Member Jun Canlas.

The distribution coincided with PamCham’s General Membership Meeting with Clark International Airport Corporation president Arrey Perez serving as keynote speaker. It was held at the Laus Event Centre in the City of San Fernando.