As a way of helping out small enterprises and farmers during the enhanced community quarantine, the Department of Agriculture (DA) will be providing loan assistance through their Expanded Survival and Recovery Aid (SURE-Aid) program.
According to Agriculture Secretary William D. Dar, the Agricultural Credit Policy Council will be allotting P2.5 billion for the project. The amount will be used to provide financial assistance to marginal farmers and fishers, as well as micro and small enterprises (MSEs) who are adversely affected by the pandemic.
Under the Expanded SURE-Aid program, eligible farmers and fishers can avail a loan of up to P25,000, with zero interest, no collateral and payable in 10 years. MSEs, meanwhile, can borrow up to P10 million, with zero interest and payable in five years.
“This is our way of helping agri-fishery MSEs and small farmers and fishers recover from their losses, as they play a crucial role in ensuring the availability of food supply in Metro Manila and other urban centers,” said Dar.
As of writing, the DA has approved P246.3 million in loans two weeks after the approval of the Expanded SURE-Aid project. Of that amount, P183.8 M was lent to 7,349 marginalized farmers and fishers, and P62.5 million was lent to nine MSEs in agriculture and fisheries production.
Header photo by Nino Jesus Orbeta for Inquirer.net
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