A total of seven MSMEs in Negros Occidental were assisted through Innovation-enabling Fund (iFund) under the Small Enterprise Technology Upgrading Program of the Department of Science and Technology (DOST) for the year 2022. DOST VI thru the Negros Occidental Provincial Science & Technology Office (PSTO) processed the release of Php 12.9M for the firm beneficiaries.

Out of the seven firms that received assistance, three were in the aquaculture sector, two were in the food processing, one was involved in metals and engineering, and the last one was in the furniture industry.

In terms of asset size, four of the assisted firms have an asset size ranging from 3M to 15M and hence categorized as small enterprises, two were micro enterprises (less than 3M) and the remaining firm belonging to the medium enterprise (more than 15M but less than 100M) asset category.

These MSMEs initially requested technical assistance from Negros Occidental PSTO in order to be eligible for the program. The provincial team then carried out an assessment to determine the gaps to be addressed and the technological interventions needed to fill the gaps. In addition, the proponent subsequently completed all the documentary requirements along with the project proposal that was evaluated by third party evaluators. Upon approval of the proposal, a memorandum of agreement was executed between DOST VI and the firm beneficiary.

Overall, the qualified MSMEs were given access to the necessary technologies, innovations, and technical support to raise the quality of their products, increase their productivity, and strengthen their competitiveness through SETUP 4.0. The assisted enterprises have three years to repay the funds obtained, without interest and with one year grace period. (DOST VI-Negros Occidental PSTO/DOST VI-KMU)

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To avail of the SETUP 4.0 assistance, contact the DOST Provincial S&T Office (PSTO) in your area through: https://old-website.dost6.ph/contact-us/