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).
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.
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.
- Visit this link to register for HEROES: https://bit.ly/3CRnLEC. Make sure to complete all the needed information for the registration.
- Participate in the FREE 3-day online training program offered by the Philippine Trade and Training Center (PTTC).
- 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
- To proceed with your loan application, visit this link: https://brs.sbgfc.org.ph/heroes