List of OWWA OFW Business Loan Requirements You Must Submit To Apply
OWWA OFW BUSINESS LOAN REQUIREMENTS – Listed below are the documents needed in applying for the business loan offer of the Overseas Workers Welfare Administration for the overseas Filipino workers.
In the Philippines, the entity that is mainly concerned with the welfare of the Filipinos working abroad is the Overseas Workers Welfare Administration. More popularly called OWWA, its services for OFWs now includes a loan offer for business.
The OWWA wants to help the overseas Filipino workers (OFWs) who want to start a business or those who want to expand their existing business through its loan offer under the Overseas Filipino Workers – Enterprise Development and Loan Program or the OFW-EDLP.
The OWWA business loan offer for OFWs is open to finance several businesses in different fields. It is open for starting and existing businesses in the following:
- 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)
To qualify for the offer, you must meet both the OWWA OFW Business Loan requirements for eligibility to apply and the documents needed. For your qualification to the offer, you must meet the following eligibility criteria:
- certified OWWA Member, active or non-active
- has completed the Enhanced Entrepreneurial Development Training (EEDT)
- if the OFW-loan applicant is about to leave the country or is currently in abroad, he/she may represented by his/her spouse
- 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
The documentary requirements for the OWWA OFW Business Loan application depends if the business will be put up or there is already an existing one. For the former, here are the documents that must be submitted to apply for the offer:
- Certification from OWWA confirming that you are a bonafide OFW and has finished the Enhanced Entrepreneurial Development Training (EEDT)
- two (2) valid IDs with signature
- duly-accomplished Overseas Filipino Workers – Enterprise Development and Loan Program (OFW-EDLP) Application Form
- Business Plan / Proposal
- Statement of Assets and Liabilities
- Barangay Certification of Residency
- Proof of Billing Address
- Sketch of the place of residence
If you are expanding or growing an existing business, here are the documents required by OWWA for the loan application:
- Certificate of Registration with the Department of Trade and Industry (DTI)
- Bio-data applicant
- with growing contract agreement, if applicable
- Mayor’s Permit
- Income Tax Return in the last three (3) years, if applicable
- Financial Statements in the last three (3) years, if applicable
- Last Interim Financial Statement, if applicable
