Department of Science and Technology officials led by Secretary Renato U. Solidum Jr. (3rd from right) at AutoNorte, an auto parts business that is a beneficiary of the Small Enterprise Technology Upgrading Program (SETUP) in Batac, Ilocos Norte. — EDG EVA
The Department of Science and Technology (DoST) is helping businesses in the metals and engineering sector adopt new technologies through zero-interest financing under its small enterprise program, with one beneficiary in Ilocos Norte reporting improved productivity.
The Small Enterprise Technology Upgrading Program (SETUP) is the agency’s flagship program for micro, small, and medium enterprises (MSMEs), providing financial and technical assistance to help them acquire appropriate technologies.
DoST Secretary Renato U. Solidum Jr. told BusinessWorld that eligible MSMEs can receive up to P5 million in assistance. The amount is repayable over three years, with repayment beginning after the first year and carrying 0% interest.
“With the SETUP program, our real goal is to help MSMEs become bigger,” Mr. Solidum said during a project site visit in Ilocos Norte on Thursday. “If they started as small, we want them to become medium.”
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