SB Corporation opens P100M loan facility for OFWs
Are you an Overseas Filipino Worker repatriated because of Covid 19 pandemic?
The Small Business Corporation (SB Corporation) recently launched a P100 million loan facility for OFWs (Overseas Filipino Workers) repatriated due to the Covid 19 pandemic.
The program is a component of the Pondo sa Pagbabago at Pag-asenso (P3) fund under the Department of Trade and Industry (DTI) and is tagged as Helping the Economy Recover thru OFW Enterprise Start-ups (HEROES).
This loan facility for OFWs primarily aims to help repatriated Pinoy overseas workers rebuild their lives by providing opportunity to become entrepreneurs.
The Mechanics
Under the program, a returning OFW who was retrenched because of the COVID-19 pandemic must create a video pitch of his/her start-up business proposal.
The video must contain the key components on the nature of business, product knowledge, management capability, market opportunity, competitive advantage, financial understanding and business continuity.
Loan proceeds should strictly be used for working capital to start and sustain the business operations.
The loan may be used for the acquisition, production and sale of products and required inventory, necessary equipment and machinery for the business, payment of initial worth of operating costs incurred such as payroll, rent, utilities and fixed asset loans.
HEROES allows a returning overseas worker to borrow a minimum of P10,000 to maximum of P100,000 free of interest and collateral.
Meanwhile, a service fee of 6% will be charged to loans with 24 months payment term and 8% for loans with 36 months payment terms (inclusive of 12 months grace period).
The application process will start with the pre-registration for the on-line training with the Philippine Trade Training Center (PTTC) which can be access using this link: HEROES Registration Form
After the training, qualified applicants will be given instructions on how to submit their loan applications with the following requirements:
Accomplished 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 on-line training session for start-ups conducted by PTTC
For additional information please visit Small Business Corporation.
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