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P8.4-M in loans provided to city’s LGBT community

MEMBERS of the 28 LGBT associations in the city have benefitted from the city government initiative that provides a sustainable livelihood program to the sector to tap their entrepreneurial skills.

Norman Baloro, focal person for Rainbow Mag Negosyo Ta ‘Day, said the program is similar to “Mag Negosyo Ta ‘Day” for women that provides skills training and initial capital so they can tap their entrepreneurial skills.

“This program aims to help our LGBT sector to become productive for themselves, and even for their family and community. At the same time, this is also essential because we also help them to become self-reliant and independent,” Baloro said.

The “Rainbow Mag Negosyo Ta ‘Day” has provided about P8.4 million in loans to 840 beneficiaries at P10,000 each of those members of 28 identified LGBT associations.

Each LGBT association has at least 30 members.

The city government has provided financial assistance to beneficiaries since October 2019 with the 15th batch receiving their assistance on Monday.

Baloro said the loan is payable at P417 per month for 24 months with zero interest as beneficiaries are to pay the loans two months after receiving the loan.

Beneficiaries will undergo the two-day mandatory training on sustainable livelihood program or the Basic Business Management Training (BBMT), including on financial literacy.

Baloro said that the beneficiaries who already received P10,000 started businesses such as sari-sari stores, bigasan or rice retailing, and beauty salons.

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