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OFWs can borrow in DTI up to P100k to start business


The Department of Trade and Industry (DTI) encourages Overseas Filipino Workers (OFW) to start a small business and avail loan program in agency Small Business Corporation (SB Corp.)


Since July last year when loan facility launched, the SB corp. Head of Capacity Building group Josefina Flores said that they can only approve 205 loans worth P11.8 million or over a tenth of P100 million budget.


"We are not happy with this update because base on the registration of the arrivals of our OWFs is very high, it is by thousand who comes everyday," Flores said.


Program called as Helping the Economy Recover thru OFW Enterprise Start-ups (HEROES), OFWs can borrow minimum of P10,000 up to maximum of P100,000 free interest. In 24 months of payment term pf loan there will be a charge for service fee of 6% and 8% for loans with 36 months payment term.


This loan facility is willing to help those repatriated OFWs to rebuild their live and give them opportunity to become an entrepreneurs. "The loan should strictly be used for working capital and sustain the business operations," DTI said.


The loan can also used in acquisition, production, sale of products, required inventory, necessary equipment and machinery for building a business.


HOW TO APPLY:

• Complete a free 3-day online training with the Philippine Trade and Training Center (PTTC). Register at http://bit.ly/HEROESRegistrationForm


• Upon completion of the training, prepare the following requirements for your loan application:

 - Scanned copy of passport

 - Video presentation (applicant will be given guidance on how to prepare the video during the PTTC Training)


• Go to https://brs.sbgfc.org.ph/heroes to proceed with your loan application.


For more details, aspiring OFW entrepreneurs may contact 8651-3333 or toll-free nationwide hotline 1 800 10 651 3333.

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