To support the returning overseas Filipino workers (OFWs) in the Philippines, the micro-financing arm of the Department of Trade and Industry for start-up business Small Business Corporation (SB Corporation) launched a P100-million loan facility specifically for them.
OFWs may borrow a minimum of P10,000 up to a maximum of P100,000 free of interest and collateral.
Meanwhile, a service fee of 6 percent will be charged to loans with 24 months payment term and 8 percent for loans with 36 months payment terms with 12 months of grace period.
To avail of the loan, OFWs must create a video pitch of the start-up business proposal, discussing key components on the nature of the business, product knowledge, management capability, market opportunity, competitive advantage, financial understanding, and business continuity.
Below are the requirements that need to be accomplished and sent in this link:
– Accomplishment Loan Application Form
– One (1) Government-issued ID with photo
– OWWA Certification or proof of being a repatriated OFW
– AVP of Business Plan
– DTI Registration
– Certificate of completion of an online training session for start-ups conducted by the Philippine Trade Training Centre (PTTC)