Section 7Sec./Art. 7

Grants and Loans. Two (2) types of financing for eligible entities and deserving young entrepreneurs are hereby established as follows:

(a) Capacity-Building Grants for Entities Teaching Entrepreneurship:

(1) Elementary and Secondary Levels and Learning Centers. The DepED shall award grants for a term of not more than four (4) years each, on a competitive basis, to be determined in the implementing rules and regulations, to eligible entities in order to:

(i) Develop standards and competencies for elementary, secondary, and learning center students;

(ii) Train elementary, secondary, and learning center teachers all over the country to teach standards and competencies developed;

(iii) Prepare methods, through their consultants, to evaluate the effect of entrepreneurial education and improve the standards and competencies design as necessary; and

(iv) Develop the standards and competencies for inclusion by the DepED in the required training and education for aspiring elementary, secondary, and learning center teachers.

(2) Tertiary Level. The CHED and the TESDA shall award grants for a term of not more than four (4) years each, on a competitive basis, to be determined in the implementing rules and regulations, to eligible entities in order to:

(i) Develop standards and competencies for tertiary school students;

(ii) Train tertiary school teachers all over the country to teach standards and competencies developed;

(iii) Prepare methods, through its consultants, to evaluate the effect of entrepreneurial education and improve the standards and competencies as necessary; and

(iv) Develop the standards and competencies for inclusion by the CHED and the TESDA in the required education for aspiring tertiary school teachers.

The EEC shall meet annually regarding these capacity-building grants to monitor the absorptive capacity of the receiving entities, their fund utilization and their progress.

The capacity-building grants to eligible entities referred to herein shall be sourced from the respective annual appropriations of the DepED, the CHED, and the TESDA, as the case may be.

(b) Project Grants and Loans for Young Entrepreneurs:

(1) The DepED, the CHED, and the TESDA may make available to deserving young entrepreneurs who are pursuing a project or study on entrepreneurship, assistance in the form of grants or loans, as applicable. Such applications for grants and loans shall be considered based on the qualifications that each agency will require, the area or level of study and the standards to be determined in the implementing rules and regulations. This shall be sourced from each agencys annual appropriations.

(2) The DepED, the CHED, and the TESDA shall partner with government financial institutions, banks, national government agencies, local government units, nongovernment organizations, foundations, private corporations, and individuals, foreign or local, who are interested to support entrepreneurship education by launching small enterprise incubation programs with them and making available to young entrepreneurs funding and support for the incubation of an enterprise project. Towards this end, the DepED, the CHED, and the TESDA may accept financial contribution from these partner institutions.

(3) The DTI and the MSMED Council shall be responsible for integrating youth entrepreneurship promotion into the national policies and programs in support of MSMED.

(4) Relevant government agencies and financial institutions shall establish and implement programs that shall include financing and information services, and training and marketing support for young entrepreneurs.