4 Easy Steps to Apply for an OFW Business Loan
After working for so many years abroad, OFWs always look forward to the day that they will finally stay home sa Pinas for good.After working for so many years abroad, OFWs always look forward to the day that they will finally stay home sa Pinas for good.
OWWA (Overseas Workers Welfare Administration) offers a business loan to help OFWs start their own business and become entrepreneurs. Helping them in their livelihood income to continue to provide for their families even while they are no longer abroad.
According to OFWLoans.ph, here are four easy steps on how to apply for the loan:
Step 1: EDT Training
Attend and complete the Enterprise Development Training or EDT. Learn more about EDT in detail here.
Step 2: Prepare necessary documents
Prepare the pre-processing requirements needed for processing of your loan application. This includes proof of OWWA membership, Certificate of Attendance for EDT, and two (2) valid IDs among others. Check this post to know the detailed list of requirement you need to prepare before submitting your loan application.
Note: Make sure that your requirements are complete upon submission of OWWA Loan application. This will make it easier and faster for you to process your loan application. The requirements will be submitted either in OWWA Main Office or regional offices, whichever is more convenient for you.
Step 3: Submit a business plan
Submission of a Business Plan to the Land Bank of the Philippines (LBP) upon certification and endorsement of OWWA. At this phase, LBP will evaluate your project proposal based on the borrower’s credit worthiness and project viability. Likewise, Land Bank will package your loan application based on their credit facilities proposal.
Step 4: Loan evaluation, packaging, and approval
This will take 45 days upon receipt of loan requirements, which is why it is important that you prepare all the necessary documents when applying for an OWWA Loan.
Keep in mind that attending EDT and submitting all the requirements will not guarantee automatic approval. Credit institutions follow certain guidelines in approving every loan application and as long as you can show the viability of your proposed business and prove your credit worthiness, the higher your chances will be.
For more information, visit this link: http://www.owwa.gov.ph/?q=node/23/#reintegration.