The Venture Financing Program (VFP) accelerates the initial commercialization of new and technologies developed by the S&T community by providing the necessary funding support for micro, small and medium enterprises (MSMEs) for capacity building of seed, start-up and expansion projects.
The Venture Financing Program (VFP) aims to accelerate the commercialization of innovative and emerging technologies by providing the necessary funding support to start-ups and technology-based expansion projects.
MSMEs (single proprietorship, partnership, cooperative and corporation) or organization based in the Philippines, majority owned by Filipino citizens and willing to apply technological innovations using commercially viable technologies and new/innovative products developed by DOST agencies and the S & T community to their existing products, services and/or operations.
The financial assistance shall cover mainly the cost of acquisition/ fabrication of critical production equipment.
- Complete Project Proposal /Feasibility Study
- Financial Statement for the past three (3) years, if applicable
- Projected Income for the next five (5) years after the intervention
- Copy of Business permits and licenses
- Endorsement of DOST Regional Director
- Three (3) quotations from suppliers / fabricators of equipment
- Brief bio-data of applicant / major stockholders/ officers
All proposals for the Venture Financing Program (VFP) should be directly submitted to the Office of the Director of TAPI.
The financial assistance shall not exceed 2,000,000 per project.
No, a proponent cannot submit more than one proposal under the Venture Financing Program (VFP).
The program requires at least 30% counterpart funds from the requesting party in the form of fresh funds.
The levels of evaluation are consist of an initial evaluation of documentary requirements, a technical evaluation conducted by TAPI’s in-house experts, a regional technical evaluation (if necessary) and a final review, evaluation and deliberation by the TAPI EXECOM.
The major criteria for evaluation and approval of proposal are the, technical viability, socio-economic viability, technology applicability, marketability and alignment to DOST priority areas.
It takes approximately forty-five (45) days to evaluate the proposal and release the funds to the requesting party depending on how fast the proponent will submit the necessary documents requested to clarify issues raised by TEC.
Documentary requirements such as the Audited Financial Reports and other financial documents are required. Post-dated Checks and bank details are required from the beneficiary prior to fund release.
The financial assistance provided should be used in accordance with the approved Line-Item Budget. Implement the project in accordance with the schedule of activities and achieved the objectives of the project.