OWWA Enterprise Development and Loan Program (OFW-EDLP) Philippines
Organisation : Overseas Workers Welfare Administration (OWWA)
Facility Name : Enterprise Development and Loan Program (OFW-EDLP)
Applicable For : Overseas Filipino Workers
Country : Philippines
Website : https://owwa.gov.ph/?page_id=3728
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What is OWWA Enterprise Development & Loan Program?
Formerly known as OFW-Reintegration Program (ORP), OFW-EDLP is an enterprise development intervention and loan facility of OWWA, in partnership with Land Bank of the Philippines (LBP) and the Development Bank of the Philippines (DBP), intended to support enterprise development among OFWs and their families.
Related / Similar Facility : OWWA Welfare Assistance Program (WAP) Philippines
Eligible Projects:
** Franchising business
** Contract tie-up with top 1000 corporations
** Agri- and non-agri production/manufacturing with identified market linkage and raw material sources;
** Construction/rental business;
** Service/trading business;
** Transport service; or
** Any viable project whether existing or new, that should generate a net cash flow sufficient to pay the projected amortization of the loan (or resulting into debt service ratio of at least 1).
Who Are Qualified For OWWA Enterprise Loan Program?
1. An OFW who is a certified OWWA Member, active or non-active, and has completed the Enhanced Entrepreneurial Development Training (EEDT).
2. OFWs who are abroad or are about to leave the Philippines may be represented by the following:
a. If the OFW is single, widow or widower; or separated-in-fact, by:
** Parents who are not more than sixty (60) years old upon maturity of load; or
** Children who are at least eighteen (18) years old at the time of loan availment.
b. If the OFW is married, by the legal spouse.
** OFWs who are currently employed overseas shall execute a Special Power of Attorney (SPA) duly authenticated by the appropriate Philippine Embassy / Consulate. OFWs who are about to leave the Philippines may execute a Special Power of Attorney (SPA) prior to their departure from the Philippines. The Attorney-in-fact shall transact with LBP or DBP on behalf of the borrowing OFW by virtue of the SPA.
3. If the OFW or his / her Attorney-in-fact is more than 60 years old upon loan maturity, a co-maker of the loan shall be required. The co-maker may be the sibling or the children (of legal age) of the borrowing OFW with the capacity to pay and whose age should not be more than 60 years old upon loan maturity.
4. OFW returnees may avail of the loan program within three (3) years from the date of arrival to the Philippines, except in cases where the OFW-applicant has an on-going business prior to the time of application.
5. Only one (1) OFW per family, within the first degree of consanguinity or affinity (parent, spouse, child) shall be eligible to apply under the program.
6. Group of OFWs who formed themselves into a business entity, either as partnerships/stockholders /directors/officers /members are OFWs who have been certified as OWWA Members and have completed the EEDT.
How To Apply For OWWA Enterprise Development Loan Program?
** Visit the OWWA Regional Welfare Office that covers the permanent address of the OFW and undergo orientation/eligibility screening and processing/necessary training
** Secure the required OWWA certification for submission to LANDBANK
** Visit the LANDBANK Lending Center/Lending Unit nearest to your place of residence or business for more information and evaluation of project proposal.
Additional Simplified Procedure
The OWWA Enterprise Development Loan Program (EDLP), formerly known as the OFW Reintegration Program, can help Overseas Filipino Workers (OFWs) and their families start or grow businesses back home. Here’s how you can apply:
Eligibility:
** Be an active OWWA member. This means having a valid OWWA membership card.
** Complete the Entrepreneurial Development Training (EDT). This training is conducted by accredited OWWA partner organizations and covers business planning, financial management, and marketing.
** Submit a viable business proposal. The proposal should detail your business plan, projected financials, and marketing strategy.
** Have at least 20% equity for the project. This means you need to personally invest at least 20% of the total project cost.
** Meet other requirements set by OWWA and the partner banks. These may vary depending on the specific program and your circumstances.
Application Process:
** Visit your nearest OWWA office. They will screen your eligibility and provide you with the necessary forms and information.
** Attend the EDT. You can find a list of accredited EDT providers on the OWWA website.
** Prepare your business proposal. You can get assistance from OWWA staff or business development consultants.
** Submit your application package to OWWA. This typically includes your completed application form, business proposal, EDT certificate, and other required documents.
** Wait for the loan evaluation. OWWA will assess your proposal and submit it to the partner bank for final approval.
** If approved, sign the loan agreement with the bank. The bank will disburse the loan funds upon completion of all necessary requirements.