- Eligibility: Microenterprises operating for at least one year and no existing loans over ₱100,000.
- Loan amount and terms: Up to ₱300,000, repayable over three years with a 12-month grace period and an annual interest rate of 12% on the diminishing balance.
- Eligibility: SME owner who has positive net income in the last year. Prioritizes first-time borrowers.
- Loan amount and terms: Up to ₱20,000,000 collateral-based or up to ₱5,000,000 collateral-free loans, repayable over three years with a 12-month grace period, at an annual interest rate of 12% on the diminishing balance.
- Eligibility: MSMEs with BIR-filed Financial Statements (for loans exceeding ₱3,000,000) and prior borrowers from SB Corp.
- Loan amount and terms: Up to ₱20,000,000 with collateral or ₱5,000,000 collateral-free, repayable over five years with a 12-month grace period, at an annual interest rate of 8% to 12% on the diminishing balance.
DTI loans for MSMEs provide financial assistance tailored to different small businesses, with some programs prioritizing specific industries or groups, like tourism or agriculture, receiving additional funding.
DTI Loan Application: Requirements, Steps, and Tips
Securing a DTI loan is an exciting and potentially transformative move for your business. Here are a few steps to ensure a smooth application process.
1. Research and preparation
Before applying, take time to understand the specific DTI program you’re interested in. These programs serve diverse business needs and come with specific eligibility criteria. For example, if you’re looking to manage cash flows, a smaller loan like the P3 might be better suited than a larger one like the MSME Multi-Purpose Suki Loan.
Evaluate your options carefully and choose the one that best aligns with your goals. Also, you should have a well-prepared business plan, even a laundry business franchise needs one, that clearly outlines how you intend to use the loan funds.
You can consult DTI’s Negosyo Center for guidance on selecting the most suitable loan program and crafting your business plan.
2. Online registration
Start the process by registering online through the SB Corp Borrower Registration System (BRS) website. Be meticulous when filling out the necessary forms, ensuring all details are accurate and up-to-date. This website is your digital gateway for managing your DTI loan.
To avoid delays, it would be best to have all your DTI loan application requirements, information, and documents ready before you begin. Don’t be afraid to open the form to see what you may be missing; always double-check your data for accuracy.
Here’s a filled-in version of the 3 rd page of the form for your reference:
3. Complete application form
The application form is the most critical requirement for a DTI loan. Ensure you provide comprehensive and accurate business information, including your business name, registration details, and chosen loan program.
While there might be a temptation to exaggerate some details to present your business in a better light, you must remember that honesty is always the best policy.
Remember to review all information thoroughly before submissions. Take your time to fill out the form, and don’t be afraid to seek assistance if needed. Accuracy is more important than speed, as errors could lead to delays or rejection.
4. Upload all required documents
DTI loans typically require specific documents to support your application, such as business or barangay permits, financial statements, and project proposals. You should organize your documents neatly and upload them according to the provided guidelines, keeping in mind that the maximum file size per upload is 3 MB.
Here’s a picture of the uploading step for your reference:
5. Submission and confirmation
After completing the application form and uploading the necessary documents, submit your application. You should receive a confirmation indicating that they’ve received your application. Be patient, as DTI may require time to review your submission.
Stay vigilant for any updates or inquiries from the agency. Check your email and be prepared to provide additional information if requested.
Fuel Your Small Business Dreams through DTI Loans
In your efforts for financial support and business growth, DTI loans are a beacon for small businesses in the Philippines. Their low-interest rates, minimal collateral requirements, and efficient application process can be the catalyst for achieving your venture goals. But that does not stop there, as you need to be informed on business loan trends for your business to success
As you contemplate your next move, don’t hesitate to reach out to the experts at Zenith Capital. We specialize in online lending in the Philippines, providing tailored business loan solutions, like manufacturing business loan, to propel your venture to new heights. Take that crucial step towards financial empowerment today by applying now!
Rizza Templonuevo is not just an accomplished finance professional and business leader, but also a loving wife and a dedicated mother of two. With a passion for helping businesses grow and thrive, she brings her extensive knowledge and expertise as Vice President of Zenith Capital Credit Group Corporation to help countless SMEs and corporations across the Philippines access the financing they need to succeed.
When she’s not busy with work, Rizza enjoys immersing herself in the worlds of fashion and social events, as well as traveling to new and exciting places.
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