Goodbye 5-6! Erap offers zero-interest loans for micro, small businesses

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Running a small business in Manila will never be a problem when you have Joseph “Erap” Estrada as mayor.

The veteran politiko has allotted P380,000 to be used as capital assistance for micro and small business owners including street hawkers to help them increase their profit.

Some 38 business owner-beneficiaries were granted P10,000 loans each payable from six to 10 weeks with no interests or collateral.

This is done through the Capital Assistance Program established by Estrada when he was reelected as mayor in 2013.

“These micro and small businesses are the foundations of our nation’s economy. We at the city government are committed to assist and empower the thousands of underprivileged Manileños to beat poverty,” he said.

“In other loans, you have to pay high interest rates. But here, loans are interest-free,” he added.

Among the businesses who got loans include eateries, small barber shops, beauty parlors, sari-sari stores, manicure-pedicure, fruit and fish vending, mini grocery, junk shop, RTW buy-and-sell, and processed food vending.