Details about the OWWA Business Cash Loan Offer OFWs May Apply For
OWWA BUSINESS CASH LOAN – The Overseas Workers Welfare Administration is offering a Business Loan for overseas Filipino workers (OFWs).
Countless Filipinos are working abroad. These individuals took a huge risk as they want to give their families and loved ones a more comfortable and sufficient life. The salary abroad may be small if used in foreign countries but huge in value when converted to Philippine Peso — bigger than what they can earn in the country.
However, on the other side of the possibiliy of giving their families a comfortable and sufficient life is missing a lot of occasions that must have been spent with their loved ones, the constant longing to go home, spending Christmas alone, and a lot more.
Overseas Filipino Workers (OFWs) have to take care of their own selves. In times of sickness, they may avail free medical services abroad but they have no loved ones on their side to take care of them.
OFWs are not only heroes of their families but as well as the Philippines as they bring in a lot of money. However, there is no denying to the truth that many Pinoys working abroad are eager to go home and be with their families.
This is why the Overseas Workers Welfare Administration or more popularly called OWWA launched the Overseas Filipino Workers – Enterprise Development and Loan Program or the OFW-EDLP.
Under the OFW-EDLP is the OWWA Business Cash Loan offer for OFWs. It aims to provide Pinoys working abroad and their families the fund for the following:
- Working Capital
- Fixed Asses Acquisition.
The business loan offer of the government agency for the overseas Filipino workers is open to finance the start or growth of many different types of businesses in the country including the ones in the following fields:
- Franchising business
- Contract tie-up with top 1000 corporations
- Agri- and non-agri production/manufacturing with identified market linkage and raw material sources;
- Construction/rental business;
- Service/trading business;
- Transport service; or
- 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).
The Overseas Workers Welfare Administration has also set clear the qualifications in apply for its business loan offer for OFWs. If you’re interested, it is important to check if you or someone you love who is working abroad qualifies to the offer.
