How To Apply For The OWWA HEROES (Helping the Economy Recover thru OFE Enterprise Start-ups) Loan Program

How To Apply For The OWWA HEROES (Helping the Economy Recover thru OFE Enterprise Start-ups) Loan Program

OWWA offers a variety of educational, livelihood and loan programs to OFWs affected by the pandemic, such as Helping the Economy Recover thru OFW Enterprise Start-ups (HEROES). For COVID-19 affected repatriated Overseas Filipino Workers (OFWs), SB Corporation has launched a P100 million loan facility.

This program is part of the Department of Trade and Industry’s Pondo sa Pagbabago a Pag-asenso (P3) fund. Repatriated OFWs can start their own businesses with the help of this lending initiative.

What is the HEROES Program

With HEROES, you can get a loan without interest and without collateral. A government-run financial institution, the Small Business Corporation, implements this program to assist Micro, Small and Medium Enterprises (MSMEs).

Under the Pondo sa Pagbabago at Pag-asenso (P3) CARES Program, the HEROES project has an allotted budget of PhP100 million. Small businesses that will be launched by land-based and non-professional OFWS are eligible to apply.

What are the Benefits of HEROES Program?

• The HEROES Program offers the following benefits;
• Borrowing limits are PhP10,000 and PhP100,000 for OFWs
• Zero Interest Rate
• No Collateral Required
• A 6% service fee will be applied to loans with a payment duration of 24 months.
• 8% for loans with a 36-month repayment duration (inclusive of 12 months grace period).

Qualifications

Those who are eligible to apply for the HEROES program including the following:

• OFWs returning to the Philippines as a result of the COVID-19 pandemic and its economic effects.
• Non-professional OFWs who have returned to the Philippines due to layoffs caused by the COVID-19 pandemic and its economic consequences.

Requirements

Here are the requirements on how to apply for HEROES loan:

• One (1) government-issued identification card with a photo
• Loan application form that has been completed
• DTI Registration
• OWWA Certification or confirmation of repatriation of an OFW
• AVP Business Plan
• Certificate of completion for an online trading session for start-ups from PTTC.

How To Apply for the HEROES Loan Program?

Follow these steps when applying for OWWA Heroes Loan Program.

1. Visit this link to register for HEROES: https://bit.ly/3CRnLEC. Make sure to complete all the needed information for the registration.
2. Participate in the FREE 3-day online training program offered by the Philippine Trade and Training Center (PTTC).
3. Prepare the following requirements for your loan application once you’ve completed the training:

• Video presentation (during the PTTC training, the applicant will be given instruction on how to produce the video)
• Business Model Canvass
• Scanned copy of passport

4. To proceed with your loan application, visit this link: https://brs.sbgfc.org.ph/heroes