Guide on How To Apply for OWWA Business Loan for OFWs & the Requirements
HOW TO APPLY FOR OWWA BUSINESS LOAN FOR OFWS – Here are the steps in applying for the Overseas Filipino Workers – Enterprise Development and Loan Program.
Are you an overseas Filipino worker who wants to start your own business soon? Or you know someone who is in exact desire? You can begin taking the steps towards the future where you no longer need to be miles away from your family to be able to give them a comfortable life.
The Overseas Workers Welfare Administration, more popularly called OWWA, has launched the Overseas Filipino Workers – Enterprise Development and Loan Program which offers a Business Loan for OFWs.
The OWWA Business Loan offer for OFWs is open for several types of businesses including franchising business, transport service business, and construction business.
Here are the steps on how to apply for the OWWA Business Loan offer for OFWs:
Step 1 — Proceed to the verification of your OWWA registration.
Visit the OWWA Regional Welfare Office for the orientation/eligibility screening and processing/training.
You will be issued a certificate of membership if you qualify for the loan offer of OWWA. Keep the certificate as you will have to present it to the Landbank Assessment.
For OFWs who are currently outside the Philippines or about to return abroad to the country where you are working at, you may contact your designated Welfare Office of the Embassy in your country through the email address.
The next step is the verification of your registration to OWWA by the Welfare Office. After it, you will be reffered to your regional office in the Philippines.
Step 2 — Attend the Enhanced Entrepreneurial Development Training (EEDT)
Attend the EEDT conducted by OWWA, the Landbank of the Philippines, and the Department of Trade and Industry (DTI). Present your certificate to Landbank.
Step 3 — Submit all the documentary requirements.
Prepare and submit the documentary requirements for the loan application. The review and inspection of the documents may take around 45 days.
Step 4 — For successful loan applications, wait for an update regarding the loan release.
Landbank will release the loan proceeds to the OFW applicant or his/her authorized representative if the borrower is outside the Philippines at the time of the loan release.