How Can I Apply for a Loan via OWWA
Did you know that OWWA’s loans help Filipinos start their profitable businesses without being subject to exorbitant interest rates? OWWA greatly supports the professionals returning after some crisis period in their jobs to achieve their dreams. Are you a beginner to know about OWWA loans? What loans can you get through OWWA? Here we provide answers to all these questions about How to Apply for a Loan via OWWA.
What is OWWA?
OWWA, or Overseas Workers Welfare Administration, is a government agency that works for the welfare of Filipino overseas workers. We can also refer to this as the primary government agency responsible for the welfare of Filipino expatriate workers.
Functions performed by OWWA.
OWWA helps migrant workers in the country who are vulnerable and in need of financial assistance. In addition, it has focused on providing livelihood assistance to expatriate workers and families in need. It is not an organization covering only one field.
Overall, OWWA aims to offer services in social security, remittances, employment assistance, and cultural and legal aspects. It is tough nowadays to get a reliable loan except for legal, financial institutions, banks, or the government. But the Overseas Welfare Workers Administration (OWWA) is the best alternative.
Who can get a loan from OWWA?
- Active or inactive OFWs and certified OWWA members
- Overseas OFWs can be represented. Among them are parents who are not more than 60 years of age at the time of taking the loan and children who are 18 years of age or more.
- Also, if the OFW is overseas and married, the spouse can be represented for the loan.
- Only one OFW in one family can get a loan. But a group of OFWs can form a cooperative if they do not have a partnership.
The process required to Apply for a Loan via OWWA
First, as an OFW, you can undergo seminars and practical training to acquire the ability to write a business plan correctly. Facilitators will come through OWWA for that. First, you need to evaluate the direction of the business to learn how to start a business, the self-employed assessment, and how to present your business ideas. There you can learn more about the loan facility.
After learning the details, you can get project training, visits to Demo Farms, and hands-on experience with the procedures in the field where you want to work. That is, you will get a unique experience in new networking techniques that you need to improve your business.
You will need a business plan writing seminar in the third stage of the Apply for a Loan via OWWA process. You can incorporate the skills learned in the first two stages to create the relevant plan. Finally, if there is no Philippine Landbank for approval, it will be submitted to the Luzon Development Bank.
Businesses that qualify for an OWWA loan
When you think about How you can Apply for a Loan via OWWA, you will also pay attention to related businesses. by time,
- Franchise businesses
- Construction or rental businesses
- Trade and service businesses
- Identified market linkages, agricultural and non-agricultural businesses
- Contractual ties with the top 1000 corporations
- Any project that generates enough revenue to pay off debt
Types of loans that OFWs can apply for
Entrepreneurial Development and Loan Program for Overseas Filipino Workers – EDLP
Among the types of loans offered by OWWA to OFWs, this loan is particularly for overseas Filipino workers who want to start their businesses in the Philippines. This loan program is fully implemented in conjunction with the Land Bank of the Philippines.
You must meet the document requirements to get this loan as an OFW. Then attend an orientation seminar as per the above steps. Under the EDLP loan program, sole proprietors can avail of amounts ranging from Php 100,000 – Php 2,000,000. In addition, you can get loans from Php 100,000 – Php 5,000,000 for corporations, partnerships, and cooperatives.
Heroes Loan Program
This loan program was implemented to repatriate OFWs who have to stray their jobs due to the epidemic’s impact on the government and other organizations. They have taken steps to speed up their services thereby. HEROES is about helping the economy recover through OFW business start-ups. HEROES is not a loan technology OWWA project.
However, the main objective of OWWA’s HEROES loan program is to provide financial assistance to the OFWs brought to Sri Lanka to rebuild their lives and start a business. To receive HEROES loans, applicants must submit a short video related to their business proposal under the program; they point out.
Business nature, market opportunities, management skills, financial understanding, and knowledge are included. With HEROES Loans, you can get small business loan amounts ranging from PHP 10,000 – PHP
OWWA Personal Loans
OWWA does not generally offer personal loans to its members, like loans from local banks. But the concerned agency provides different types of financial assistance programs. It is unpaid as long as you qualify and meets the requirements. These loans include financial assistance, scholarships, and welfare.
OWWA Disaster Loan Program
The target of this loan program is to operate for emergencies, calamities, and calamities. That is, OWWA offers loans through disaster financial assistance. It is available to active and inactive OWWA members or their families who are not eligible for any existing OWWA social benefit programs and services. OWWA disaster assistance is also available to OWWA members and their families affected by artificial or natural disasters.
The applicable calamity loan is up to a maximum of Php 3,000. But if the applicant is affected by a natural calamity, he will be entitled to a loan of Php 1,000. Also, he can only repay the amount once he fulfills the eligibility and conditions.
OWWA Loan Security
You can put several things as security or collateral for an OWWA loan.
Condominium Certificate of Title, Torrens Certificate of Title, Planning and Tax Declaration of Borrower’s Mortgageable Assets
Credit security is acceptable to banks like OR/CR for lease agreements, contract agreements for execution of transfer deeds, purchase orders, etc.
OWWA has introduced several loan schemes for those who have left jobs due to various crises to realize their business dreams. It is the purpose of OWWA loans to help OFWs to resume their lives according to their unique needs. You need to participate in various steps to get it. We hope it became more apparent through our guide on How to Apply for a Loan via OWWA.