Steps for OWWA Business Loan Application for OFWs
OWWA BUSINESS LOAN APPLICATION – Here are the steps on how to apply for Overseas Filipino Workers – Enterprise Development and Loan Program.
Are you an overseas Filipino worker (OFW) or one of the members of your family is? You might be interested to start a business so that someday you won’t have to work abroad anymore or someone in the family can finally go home. The Overseas Workers Welfare Administration has crafted an offer to help OFWs who are interested to do business.
OWWA launched the Overseas Filipino Workers – Enterprise Development and Loan Program or the OFW-EDLP. It provides a loan offer that aims not only to assist OFWs who want to start a business as well as those who want to grow their existing business.
The OWWA Business Loan application for OFWs is open to finance businesses in different fields. Here are the fields covered by the offer:
- Transport service
- Construction/rental business
- Service/trading business
- Franchising business
- Agri- and non-agri production/manufacturing with identified market linkage and raw material sources
- Contract tie-up with top 1000 corporations
- Any viable project whether existing or new, that should generate a net cash flow sufficient to pay the projected amortization of the loan (or resulting into debt service ratio of at least 1)
How much are the loanable amounts under the offer? With regards to how much you may borrow under the OWWA Business Loan for OFWs, it depends if you are a sole proprietorship, a partnership, or a corporation. Here are the steps in applying for the loan offer:
Step 1 — Check the qualifications. The Overseas Workers Welfare Administration has set a list of eligibility requirements in the application for the offer. To qualify, here is the eligibility criteria that the OFW borrower must meet:
- certified OWWA Member, active or non-active
- has completed the Enhanced Entrepreneurial Development Training (EEDT)
- if the OFW is singe, a widow or widower, or separated-in-fact, he/she may be represented by his/her parents who are not more than 60 years old upon the maturity of the loan or children who are at least 18 years old at the time of the loan application
- if the OFW-loan applicant is about to leave the country or is currently in abroad, he/she may represented by his/her spouse
Step 2 — Gather the requirements for the OWWA Business Loan application. Make sure you have all the documents required by the government agency to ensure a smooth processing of your loan application.
Step 3 — Go to a branch of OWWA nearest to you and submit your documents to apply for the loan offer.
