A loan facility has been opened up by Small Business Corporation (SB Corporation) to help repatriated OFWs affected by COVID-19.
The program which was called Helping the Economy Recover thru OFW Enterprise Start-ups (HEROES) is a program of the Pondo sa Pagbabago at Pag-asenso (P3) through the help of the Department of Trade and Industry (DTI). It is a loan facility that aims to provide aid to repatriated OFWs who lost their jobs amidst the pandemic. It will help them cope up with their loss and rebuild their selves by becoming entrepreneurs.
To avail the benefits of this program, a returning OFW needs to present a video of their business proposal focusing on these key components, product knowledge, market opportunity, nature of the business, management capability, competitive advantage, business continuity, and financial understanding.
The loan amount must strictly go to the business as capital to sustain its growth. The loaned money can either be used for the production and sale of your products, acquisition, necessary equipment to be used on your business, payment of operating costs including utilities, payroll, rent, and fixed asset loans.
Under this HEROES program, an OFW can loan a minimum of P10,000 up to P100,000 without interest or collateral. There will be a 6% service charge for loans with a payment term of 24 months and 8% for loan payments of 36 months.
The process involves having pre-registration online trading together with the Philippine Trade Training Center (PTTC). You can visit them on this link, bit.ly/HEROESPreReg.
After the training, applicants qualified to get a loan can proceed to secure these requirements:
- Accomplished Application Form
- 1 Government ID (with photo)
- OWWA Certification stating that you are a repatriated OFW
- Video of Business Plan
- DTI Registration
- Online Training Session Certificate of Completion