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Makati urges SMEs to tap LGU’s cash grant

makati.gov.ph

The local government covering the country’s financial hub is urging business owners to tap its cash grant program that aims to help the local economy recover from the pandemic-induced downturn.

In a statement, Makati Mayor Mar-len Abigail “Abby” Binay has urged business owners in the city to apply for up to P100,000 cash grant through the Makati Assistance and Support for Businesses (MASB) program ahead of the December 31 deadline.

Binay said that over the past two weeks, around 5,000 applications have been received online via www.proudmakatizen.com and are being processed to provide funding for the salaries of workers and payments to suppliers.

“The MASB Program aims to provide recovery funds to businesses, boost the local economy, and promote the employment of Makatizens, especially those affected by the COVID-19 pandemic,” Binay said.

She explained that only businesses operating in the city, including Makati-registered branches with head offices outside Makati, and those with a valid business permit for this year with no tax obligations, are qualified to apply for the program.

The financial assistance will be released directly to registered and accredited Makati-based suppliers as payment for goods and services, as well as to employees for their salaries and allowances through drawdowns.

Under the MASB orogram, qualified businesses will be entitled to grants ranging from P10,000 to P100,000, depending on the type of business and the number of Makatizens employed by the business.

The guidelines define a “Makatizen” as any person at least 18 years of age who is a resident within the territory of Makati City or in city-run relocation areas in Calauan, Laguna and San Jose del Monte City, Bulacan.

He or she must also be any of the following: a Makatizen Card holder, a beneficiary of the Makati Health Plus program (Yellow Card), or a registered voter in Makati.

For small and medium enterprises (SMEs) with capital of P50,000 or less and 100 percent owned by a Makatizen, but with no Makatizen employee, they will get P10,000, while those not owned by a Makatizen but with one to two Makatizen

employees will receive P10,000.

On the other hand, SMEs that are 100 percent owned by a Makatizen with one to two employees will get P15,000 and those owned or not owned by a Makatizen with more than two Makatizen employees will receive P20,000.

All other SMEs and businesses that are 100 percent owned by a Makatizen with no Makatizen employee can get P15,000.

Regardless of ownership, businesses with one to three Makatizen employees can receive P20,000; with four to six Makatizen employees, P40,000; with seven to nine Makatizen employees, P60,000; with 10 to 12 Makatizen employees, P80,000; and with more than 12 Makatizen employees, P100,000.

According to Mayor Abby, there is no minimum period that the qualified business must be operating prior to the submission of the application for the P100,000 MASB Program.

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Credit belongs to : www.mb.com.ph

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