The OFW Enterprise Development and Loan Program (OFW-EDLP) is a reintegration program by the Overseas Workers Welfare Administration (OWWA) in partnership with the Land Bank of the Philippines (Landbank). This program supports Overseas Filipino Workers (OFWs) in establishing businesses in the Philippines.
Purpose:
The OFW-EDLP provides financial assistance for business start-ups and expansions, promotes entrepreneurship among OFWs and their families, and aids in the economic reintegration of OFWs returning to the Philippines.
Eligibility:
Active or former OWWA members who have completed the Enhanced Entrepreneurial Development Training (EEDT) and have a feasible business project or proposal are eligible to apply.
Loan Features:
The program offers loans up to PHP 2 million for individual borrowers and up to PHP 5 million for group borrowers such as partnerships, corporations, and cooperatives. The interest rate is 7.5% per annum. Loan terms include short-term loans up to 1 year and long-term loans based on cash flow but not exceeding 7 years, inclusive of a maximum 2-year grace period. Acceptable collaterals include real estate mortgages, chattel mortgages, or hold-out on deposits.
Eligible Projects:
The program supports various business ventures including franchising businesses, agribusiness (production, processing, marketing), manufacturing, trading, and services.
Application Process:
Applicants must complete the Enhanced Entrepreneurial Development Training (EEDT) provided by OWWA, prepare a detailed business proposal or project plan, and gather necessary documents including a valid OFW contract, proof of OWWA membership, and other relevant documents. The application and business proposal should be submitted to Landbank or the designated OWWA office. Landbank and OWWA will evaluate the proposal and conduct credit checks. Upon approval, the loan will be disbursed as per the agreed terms.
Required Documents:
Necessary documents include a duly accomplished loan application form, photocopy of a valid passport and OFW ID, proof of OWWA membership, business proposal or project plan, Certificate of Completion of EEDT, and other documents as required by Landbank and OWWA.
For more detailed information and assistance, OFWs can contact OWWA or visit their nearest Landbank branch.
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