Manila: The local government is preparing an interest-free, no-collateral loan program for micro, small, and medium enterprises (MSMEs) as part of efforts to help local businesses expand. Mayor Raisa Tre±as announced the initiative during the opening of the first Iloilo City MSME Summit, emphasizing the city government's commitment to creating an environment where businesses can start, survive, and grow.

According to Philippines News Agency, the planned loan program will complement existing city initiatives, including the Uswag Negosyo Academy, which provides MSMEs with training on marketing, finance, and digitalization through the Sustainable Income Generation through Entrepreneurship program. Tre±as explained that the program was initially developed to assist market vendors during the rehabilitation of public markets but will soon be expanded to benefit all MSMEs in the city.

The mayor also highlighted the Nano Enterprise Incentives Ordinance, which has received at least 500 applications from aspiring nano-entrepreneurs since it was passed in February. The ordinance is part of the city's broader strategy to support and nurture local enterprises.

During the three-day summit themed 'Bridging MSMEs to Knowledge, Finance and Markets,' the event aimed to help businesses gain access to training, financing opportunities, and markets. The summit opened with the launch of the Iloilo City MSME Champion Program and a session on starting a business. Succeeding sessions focused on various aspects crucial for business growth, including business compliance, security strategies, digital payments, financial literacy, fraud prevention, credit access, insurance, investments, and digital market expansion.