When you experience employment-related issues and concerns while working abroad, it’s reassuring to know that assistance will be on its way when you need it. For OFWs who want to start their own business, the Overseas Workers Welfare Association offers the OFW-EDLP, or OFW Enterprise Development and Loan Program.
Overview
As part of OWWA’s OFW-EDLP program, OWWA offers loans to OFWs who are about to retire or who are still working abroad. A collaboration with the Land Bank of the Philippines (LBP) is involved in this process. You can borrow a larger amount with this program than with the OWWA Reintegration Program, but it requires a bit more effort.
Benefits
- The maximum amount of loan for sole proprietorships is PhP100,000, while the maximum amount of loan for corporations is PhP2,00,000.
- A Partnership, Corporation, or Cooperative can borrow as little as PhP100,000 and as much as PhP5,000,000.
Qualifications:
- OFWs who are certified OWWA Members (Both Active and Non-Active)
- Must have completed EEDT or Enhance Entrepreneurial Development Tradining
- For OFWs who are still abroad, you may be represented by: legal spouse) if married, parents not older than 60 years old, and children who are at least 18 years old.
- Requirements
- Accomplished Application Form
- 2 Valid IDs with Signature
- Business Plan/Proposal
- Statement of Assets and Liabilities
- Sketch (Place of Residence)
- Barangay Certificate of Residency
- Proof of Billing Address
- Certificate of Entrepreneurial Development Training from OWWA
For Applicants who already have existing business here are the requirements:
- Biodata
- DTI Certificate of Registration
- Mayor’s Permit
- Income Tax Return
- Financial Statements
- Latest Interim Financial Statement
Eligible Types of Businesses
- Agricultural and Non-Agricultural Production/ Manufacturing
- Contract tie-up with top 1000 corporations
- Service/trading business
- Construction/rental business
- Franchising
- Transport service
- Or any viable project, new or existing
How To Process OWWA EDLP Loan Program for OFWs
Step 1: Registration verification from OWWA.
Step 2: Training in Enterprise Development
Step 3: Planning and Preparing a Business Plan
Step 4: Review, submission, and inspection of processing requirements
Step 5: Loan Approval
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