The Department of Trade and Industry (DTI) is appealing to overseas Filipino workers (OFWs) to venture into business and avail of the loan program of its attached agency Small Business Corporation (SB Corp).
According to SB Corp Head for Capacity Building group, Josefina Flores, they’ve only been able to approve 205 loans worth P11.8 million or just a little over a tenth of the PHP100 million budget allocated for the loan facility since it was launched July last year.
“Hindi po kami talaga masaya masyado dito sa update na ito kasi po pag binase natin sa registration ng mga arrivals ng ating mga kababayan galing abroad, napakataas, by the thousands ‘yung dumating everyday,” Flores told ABS-CBN News.
Under the program tagged as Helping the Economy Recover thru OFW Enterprise Start-ups (HEROES), OFWs may borrow a minimum of PHP10,000 up to a maximum of PHP100,000 free of interest and collateral. 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 loan facility is aimed at helping repatriated OFWs rebuild their lives by providing opportunity to become entrepreneurs.
DTI said the loan should strictly be used for working capital to start and sustain the business operations.
The loan may also 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.
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.
