CEBU CITY– The coronavirus disease pandemic has challenged the financial and operational systems of micro and small enterprises in Central Visayas, with many owners rethinking their strategies on how to navigate in the new normal.
Virtucio explained that P3 was DTI’s loan facility for MSEs with business assets not exceeding P15 million. These business owners can borrow from a minimum amount of P10,000 to a maximum of P500,000 which could be used for the development of their existing businesses. In Cebu, Smarttieshirt Apparel proprietor and chief finance officer Theresa Mae Conson said that COVID-19 crisis was a game changer for the business. Her husband Marvin Conson started the business in 2015 as an eCommerce platform for custom designed shirts.
She narrated how their company’s production set up drastically shifted in March as the number of COVID positive cases in Cebu increased, and N88 disposable facemasks became scarce. The company now produces 15,000 cloth facemasks per day and 3,000 PPE suits per week. To surmount financial challenges, the company approached the DTI to get an endorsement to avail of a loan facility from the Small Business Corporation .With KMME, her real-life experiences as an entrepreneur were enhanced by learnings on business management which enabled her to sustain her enterprises amidst the challenges of the pandemic and New Normal conditions.
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