Want to upgrade your small business but don’t have enough funds for it? There’s a government program that allows you to loan up to P5 million with no interest.
To support and sustain the growth of micro, small and medium enterprises (MSMEs), the Department of Science and Technology (DOST) has launched a nationwide strategy called – Small Enterprise Technology Upgrading Program (DOST-SETUP).
The DOST-SETUP aims to encourage and assist MSMEs to adopt technological innovations in order to improve their operations and boost their productivity as well as competitiveness. It provides seed fund for technology acquisition; needed equipment; technical trainings and consultancy services; packaging and label design; database information system; and support in the establishment of product standards.
Qualifications for the Program:
Any MSMEs can apply for the program under the following conditions:
- The company, cooperative or association is solely owned by Filipino citizens and is operating in the Philippines
- MSME’s classified under the sectors like food processing; metals and engineering; gifts, decors and handicraft; furniture; agriculture, aquaculture and marine; and others
- Company or firm which is willing to apply technological innovations and improvements in its products, services, as well as operations
- Any LGU willing to apply technological innovations to the existing operations in their area
Requirements for the Program:
Submit 5 copies of each documents to the DOST Regional Office in your area.
- Letter of intent to avail of SETUP assistance which includes the commitment to refund the cost of technology acquisition as well as the proposed refund schedule
- Complete project proposal
- Financial statements for the past three years duly signed by a CPA
- Certified true copies of business permits and licenses from LGUs and government offices
- Certificate of registration of business name with Securities and Exchange Commission (SEC), Department of Trade and Industry (DTI), or Cooperative Development Authority (CDA)
- Board Resolution or Secretary’s Certificate authorizing Signatory to the project undertaking and authorizing the availment of the DOST-SETUP assistance
- Three quotations for each equipment from suppliers or fabricators
- Complete technical design/drawing/specifications of all equipments as well as pictures of counterparts
- Technology Needs Assessment (TSA)
- Proponent’s Basic Information Sheet
- Projected income for the next five (5) years
- Financial statements for the last three years (to be prepared and signed by an auditor)
- Certified true copies of Articles of Incorporation and By-Laws