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Wednesday, June 28, 2017
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ROXAS City – Three small businessmen from Capiz were granted support fund by the Department of Science and Technology (DOST).
Under its Small Enterprise Technology Upgrading Program (SETUP), a total of P3,896,330 was granted to the micro, small and medium enterprises (MSMEs) in the province this year.
These DOST-supported MSMEs include Rock 101 Construction and Supply, Carl’s Bread House, and Both Ends Computer Solutions.
DOST-Capiz information officer Juafe Abareles said under the SETUP’s Innovation System Support Fund (ISSF), it provides assistance to MSMEs to improve product quality, production processes and production system through the acquisition of technology or production equipment, laboratory analysis, packaging materials and label designs.
“Under the grant, the beneficiaries will refund the total cost of assistance to the government within 3 years without interest,” Abareles said, stressing that they are also given a one-year grace period to pay the support fund.
During the project period, the firm-beneficiaries are expected to benefit from increased sales, increased production volume, reduced process time, develop new product line and compliance to food safety standard, she said.
The program is a nationwide strategy to encourage and assist MSMEs to implement technological innovations to enhance competitiveness and support the economic development in the countryside.
Abareles explained that the identified priority sectors which can avail themselves of the program include food processing, furniture, gifts decors and handicraft, aquatic and marine, horticulture or agriculture, metals and engineering, information and communications technology/electronics, and health products and services. (PIA)
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