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BACOLOD CITY – Fifteen micro, small, and medium enterprises (MSME) in Negros Occidental are set to receive a total of P24 million in support fund from the Department of Science and Technology (DOST) in Western Visayas.
This was confirmed Wednesday by DOST-Negros Occidental Provincial Director Allan Francis Daraug, who said the funding was approved earlier this week.
The assistance will be sourced from the agency’s Innovation System Support Fund through its Small Enterprise Technology Upgrading Program.
The 15 recipient-companies include 11 new and four renewing enterprises, which are into manufacturing, food processing, metals and engineering, and gifts and decorations production.
“Through the assistance intended for facility upgrading, we hope that local enterprises will be able to improve their productivity and increase sales through improving the quality of their products,” Daraug said.
Initially, DOST-Negros Occidental targeted only 12 enterprises, but based on the submitted project proposals, up to 15 MSMEs from different local government units (LGUs) in the province were granted funding.
To qualify, recipient-enterprises should have been existing for at least three years in the manufacturing industry authorized by the Department of Trade and Industry, and with necessary permits from the local government.
The application process includes submission of audited financial statement, and technology and project implementation sheet. Recipients will also undergo technology needs assessment.
Qualified enterprises should also submit a quarterly report or project information sheet to determine if it has generated jobs and improved the product quality and sales.
The enterprises are given a one-year grace period before the start of payment within three years, and the agency will start collecting interest only after three years. (PNA)
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