Thanks to the assistance of the Department of Science and Technology (DOST) – Small Enterprise Technology Upgrading Program DOST-SETUP because it aims to support and sustain the growth of the micro small and medium enterprises (MSMEs). It is a nationwide strategy in encouraging MSMEs to adopt technological modernization where they can improve their products, services, operations. This is to increase their productivity and competitiveness.
Without an adequate amount of capital, it is quite complicated for a small business to move forward; especially if new technologies are needed for mass production. The Department of Science and Technology NCR is vigorously promoting SETUP.
Read: DTI Business Name Registration Online – Requirements and Procedure
What does the DOST SETUP do?
The DOST SETUP mainly deals in technology transfer and assessment and aims to increase business productivity, job creation, and technological innovation for MSMEs. This is to improve their products, services, and operation. In addition to that, it also offers:
- Consultations specialists, and
- Scientists from the S&T Experts Volunteer Pool Program
Video Credit: GMA News
Who May Apply For the Program?
- Firm/company, cooperative, association or individual firm based in the Philippines; wholly owned by Filipino citizens.
- Any micro, small and medium scale business firm classified under the identified priority sectors.
- Company or individual firm willing to apply technological improvements and innovations in its operations to their existing products, services and/or operations.
- Any LGU willing to apply technological innovations to the existing operations in their locality.
What are the Requirements?
- Full blown project proposal
- Letter of intent/interest to avail of the SETUP assistance; stating commitment to refund the cost of technology acquisition including the proposed refund schedule
- Financial statements at least for the past three (3) years duly signed by a certified public accountant.
- Copy of business permits and licenses (certified true copy) from LGUs and other government offices
- Certificate of registration of business name with the Department of Trade and Industry (DTI), Securities and Exchange Commission (SEC) or Cooperative Development Authority (CDA)
- Secretary’s Certification/ Board Resolution authorizing Signatory to the project undertaking and authorizing the availment of the assistance and designating authorized signatory for the project documents(if applicable)
- Three (3) quotations for each equipment from suppliers/fabricators of the equipment to be purchased/fabricated
- Full/Complete technical design/drawing/specifications of all equipment you will purchase/fabricated and pictures of counterparts.
- Technology Needs Assessment (TNA)
- Proponent’s Basic Information Sheet
- Projected income for five (5) years
- Financial statements for the last three years (prepared and signed by an auditor)
- Certified true copies of Articles of Incorporation and By-Laws (for applicant association)
- Equipment quotations/canvas (three canvasses for each equipment)
*NOTE: Submit these documents directly to a DOST Regional Office in your area. Moreover, submit these in 5 sets of folders.
Interested? How Can I apply?
Interested applicants may submit the required and complete requirements at DOST Regional Office in your area. Furthermore, you may also inquire about the program in any Provincial Science and Technology nearest you.
Aside from the fact that it can improve your business, you can now have sufficient means of empowering or expanding your connection. In addition to that, you can also use what you can get from DOST to innovate e.g new technology. This really is a good way of expansion/innovation.
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2 thoughts on “Upgrade Your Small Business Thru DOST SETUP where You Can Loan Up to Php 5M With No Interest”
OMG requirements p lng laki n gastos…sa dami…
How about kung tapsihan ang business at barangay permit at DTI lang ang documents