Small Business Corp top line breaches P1-B mark
Small Business Corp. (SBC), the development financing arm of the Department of Trade and Industry (DTI), is expected to have reached a new record-high top line in 2024, exceeding the P1-billion mark as it nearly triples from prepandemic levels.
Trade Secretary Ma. Cristina Roque on Friday said this milestone reflected the government’s commitment to support micro, small and medium enterprises (MSMEs) in the country.
“By digitalizing and improving our lending processes, enhancing operational efficiency and prioritizing customer experience, we have delivered record-breaking results while remaining steadfast in our mission to support MSMEs,” Roque said in a statement.
Aside from the substantial revenue increase from P358.5 million before the health crisis, the DTI said that its operating income has also nearly doubled as of last year.
The DTI said that SBC’s operating income reached P431.1 million in 2024, indicating an 88.59-percent increase.
This was attributed to several key initiatives that were implemented, which include streamlined and faster loan application and approval processes, efficient disbursement of government funds and implementation of governance standards that align with transparency, accountability and strategic execution.
Full funding
SBC reaffirmed its commitment to financing 100 percent of all approved loan applications as a contributor to their performance.
Meanwhile, the DTI also launched two new financing programs for local MSMEs, with one helping the sector with business expansion and the other allowing purchase order financing for borrowers.
“For all the MSMEs, the DTI is here to help you as best as we can and as aggressively as we can. And one of [these] is [through] financing,” Roque said during the launch of the SBC’s new programs at the DTI’s office in Makati.
According to DTI’s records, 99.63 percent of registered businesses in 2023 were MSMEs, highlighting their contribution to the country’s economy.
