MORE than 900 small-scale entrepreneurs received fresh capitalization of around P4.6 million from the Manila City Hall to bankroll their business ventures.
Manila Mayor Joseph E. Estrada handed P5,000 cash aid to each of the 919 beneficiaries under the local government’s Capital Assistance Program. CAP is a livelihood project Estrada initiated when he assumed the mayoralty post in 2013 to help poor residents and owners of backyard businesses put up their own ventures.
In a ceremony at the San Andres Sports Complex in Malate, Manila, Estrada said the CAP is an interest-free and collateral-free capital assistance to support low-income micro-entrepreneurs in the city.
The local government has already released more than P26 million that have been granted to almost 7,000 beneficiaries who now have their own businesses that continue to flourish.
“We intend to expand the program and reach to hundreds of Manileños who want to start their own businesses and improve their lives though the CAP,” the mayor said.
“Those who finished and graduated from our Manila Manpower Development Center, and for those who have no permanent homes and living in Kamada Boys’ Town, they will also receive assistance from the city government,” he added.
The local chief executive also congratulated all “second-time” beneficiaries, who have repaid the initial seed capital loaned to them by the city government last year. They were given a bigger loan to boost their businesses.
“I wish all the beneficiaries to commit their promise to pay the loans granted to them,” Estrada said, while citing his expectation on the increased number of paying borrowers.
“At present, at least 29 percent of the beneficiaries have already paid. I hope this will increase so that many Manileños can also get assistance from the government,” he added.
The city mayor expressed his gratitude to Manila Department of Social Welfare OIC Nanet Tanyag for her support.
“You’ve proven yourselves to be trustworthy. You made good use of the capital given to you, so we will give you again a chance to avail the assistance,” Estrada said.