Overseas Filipino Workers (OFW) who were recently repatriated are invited to apply for a start-up loan under the Helping the Economy Recover via OFW Enterprise Start-ups program offered by the Small Business Corporation.
Application of repatriated OFWs will still be accepted for the Batch 3 as the deadline is still on September 3, 2020. The said program is part of the Pondo sa Pagbabago at Pag-asenso fund thru the Department of Trade and Industry (DTI). The loan facility is hoping to lend a hand to repatriated Filipinos so they can start with their lives in the Philippines by providing a business opportunity for them.
Here are the requirements for applicants:
- A video pitch about her planned business, outlining important components such as product knowledge, market opportunity, nature of the business, management capability, financial understanding, competitive advantage, and business continuity.
Loan applicants are reminded that the proceeds must strictly be used as business capital and to sustain the operations of the business. The loaned amount can either be used to acquire, sell products, produce, or buy the necessary equipment and machinery for the operation of the business. It can also be used to pay rent, asset loans, utilities, and payroll of the workers.
How much is the loanable amount?
OFWs can loan a minimum of P10,000 and maximum P100,000 without interest rate and collateral. There will be a minimum payment of a 6% service fee for a 24 months loan term and 8% for the 36-month payment term.
How to start the process?
There will be a pre-registration under the Philippine Trade Training Center (PTTC) which will be done online. After the said training, those who will be qualified will have to adhere to the instructions given to them. They should also submit these requirements:
- Loan Application form
- A government-issued ID (1)
- Proof that you are a repatriated OFW from OWWA
- An audiovisual presentation about the business plan
- DTI registration
- Certificate of completion of an online training session for start-ups to be conducted by the PTTC