Vigan City launches the MSMEs Economic Recovery Program

Due to the swift transmission of the Corona virus, several business establishments were put to halt from operations, which resulted to economic depression.  With the desire of the City Government to safeguard the fiscal stability of Vigan City and its stakeholders, the former introduced an Economic Recovery Program through grant of loans for micro, small and medium enterprises.

            On July 3, 2020 at the Vigan City Hall, The City Government of Vigan and Nueva Segovia Consortium of Cooperatives entered into a Memorandum of Agreement with the key purpose of extending financial assistance to those whose livelihood were gravely affected by the pandemic.

            The MOA signing serves as a  manifestation of the loan assistance wherein Ten Million Pesos (10,000,000) will be allocated  as the program cost and be transferred to NSCC who will be responsible for lending each grantee a reasonable amount but not more than One Hundred Thousand Pesos which is payable in lumpsum on the 16th month or six equal installment beginning at the 11th month of the loan, whichever is convenient for the grantee.

           Following the day of MOA signing, City Treasurer Milgaros Contreras handed over to NSCC’s CEO Divina Quemi the check amounting to 10,000,000.00. The affected MSME Bigueños can apply for loan at the Nueva Segovia Consortium of Cooperatives upon validation of the City Government as a qualified grantee.