Guide on OWWA Business Loan for OFWs Loanable Amounts
OWWA BUSINESS LOAN FOR OFWS – Detailed below are the amounts on how much you may borrow under the business loan offer for the overseas Filipino workers
Countless Filipinos are working in the different countries abroad in the pursuit to give their families a more comfortable life. Although they also want and long to be with their loved ones, they took all the risks and sacrifices for the welfare of the family but with the hope that someday they no longer need to be away.
OWWA or the Overseas Workers Welfare Administration wants to help these Filipinos put up a business that can be the way for them to have an option to stay in the country someday. Under the Overseas Filipino Workers – Enterprise Development and Loan Program (OFW-EDLP), even those who already have existing businesses may be financially assisted through a loan.
The OWWA Business Loan for OFWs covers several fields. You may apply for a loan to start a business or grow an existing business in any of the following fields:
- 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)
Are you interested to apply for the loan offer? OWWA has set a few eligibility requirements for application to the offer. Here are the qualifications that the government agency has set:
- 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
With regards to the loanable amounts under the OWWA Business Loan for OFWs, it depends if the borrower is a sole proprietorship, a partnership, or a corporation. Here is a guide on how much you may borrow:
Sole Proprietorships
- Minimum Loanable Amount — Php 100,000.00
- Maximum Loanable Amount — Php 2,000,000.00
Partnership / Corporation
- Minimum Loanable Amount — Php 100,000.00
- Maximum Loanable Amount — Php 5,000,000.00
In applying for the loan offer of the Overseas Workers Welfare Administration (OWWA) for OFWs, there are OWWA OFW Business Loan requirements for application. Make sure you have the documents required by OWWA depending if you are just starting a business or growing an existing one.
