HEROES Loan Program for OFWs – Up to PHP 100,000 for Business

The OWWA HEROES Loan Program distinguishes itself from other lending programs through several benefits it offers to repatriated Overseas Filipino Workers (OFWs). Here are the advantages that repatriated OFWs can enjoy by availing of the HEROES project:

1. Zero-interest rate: The loan provided under the HEROES program does not accrue any interest, making it an attractive option for repatriated OFWs in need of financial assistance.
2. No collateral loan: Unlike many other lending programs, the HEROES loan does not require collateral. This means that repatriated OFWs can access funds without having to provide any assets as security.
3. Flexible borrowing limits: The borrowing limits under the HEROES program range from a minimum of P10,000 to a maximum of P100,000. This allows repatriated OFWs to choose the loan amount that suits their financial requirements.
4. Service fees: For loans payable within 24 months, a 6% service fee applies. For loans with a longer repayment period of 36 months, an 8% service fee applies. It’s important to note that the service fee includes a 12-month grace period.
5. Automatic 12-month grace period: The HEROES loan program includes a 12-month grace period wherein borrowers are not required to make any repayments. This grace period provides repatriated OFWs with some time to stabilize their finances before starting loan repayment.
6. Business mentoring and training: In addition to financial assistance, the HEROES program offers business mentoring and training to repatriated OFWs. This support aims to equip them with the necessary skills and knowledge to start or enhance their own businesses, fostering entrepreneurship and financial independence.

These benefits make the OWWA HEROES Loan Program an appealing choice for repatriated OFWs seeking financial support and resources to rebuild their lives in the Philippines.

Requirements

For OFWs who wish to avail of the HEROES Loan Program, secure the following requirements to enjoy this privilege from OWWA:

• Scanned copy of your passport
• One (1) valid government-issued ID with a photo

  To apply for the HEROES Loan, please ensure that you have completed the following requirements:

  1. Duly accomplished HEROES Loan Application Form: Fill out the application form completely and accurately with all the required information.
  2. Certification from OWWA confirming the OFW applicant’s repatriation: Obtain a certification from the Overseas Workers Welfare Administration (OWWA) confirming that you have been repatriated as an OFW.
  3. DTI Registration: Register your business with the Department of Trade and Industry (DTI) if you have already established your audio-visual presentation (AVP) business.
  4. Audio-Visual Presentation (AVP) Business Plan: Prepare a comprehensive business plan for your AVP business. The business plan should outline your goals, strategies, financial projections, and marketing plans.
  5. Online training session Certificate of Completion (COC) from the Philippine Trade and Training Center (PTTC) for start-ups: Successfully complete an online training session offered by the Philippine Trade and Training Center (PTTC) specifically designed for start-ups. Obtain a Certificate of Completion (COC) as proof of your participation and completion of the training.

  In addition to the above requirements, OFWs need to submit additional documents based on the loan amount they are applying for. Please refer to the specific guidelines provided by the lending institution to determine the additional requirements applicable to your loan amount.

  Remember to carefully review and double-check all the documents and ensure that they are complete and accurate before submitting your loan application.

  Loan Amount of P10,000 to P50,000

  • DTI Registration
  • Video Business Pitch

  Loan Amount of P50,000 up to P100,000

  • DTI Registration
  • SEC Registration
  • Municipal/Mayor’s Business Permit
  • Video Business Pitch
  • Business Model Canvas

  Qualifications

  The OWWA HEROES Loan program has specific qualifications similar to other lending programs. If you are an overseas Filipino worker (OFW) and you wish to rebuild your life in the Philippines permanently, you need to meet the following criteria to avail of the HEROES project:

  1. Land-based OFWs: This refers to OFWs who were employed in a foreign country but had to return to the Philippines due to being laid off as a result of the Covid-19 pandemic.
  2. Non-professional OFWs: This category includes OFWs who were not employed in professional capacities and had to return to the Philippines after being laid off due to the Covid-19 pandemic.
  3. Returning and repatriated OFWs: This qualification applies to both land-based and sea-based OFWs who have returned to the Philippines after being laid off due to the Covid-19 pandemic. It includes those who wish to start their own business.

  If you meet any of the above criteria, you may be eligible to participate in the OWWA HEROES Loan program and access its benefits.

  Procedure: How to Apply for HEROES Loan Program

  If you wish to apply for the OWWA HEROES Loan program, follow the steps below:

  1. Fill out the Pre-Registration Form for OWWA HEROES Loan Program by visiting this link.
  2. Ensure to provide the complete and correct details required for the registration, including:
     • Applicant’s Full Name
     • Address
     • Mobile Number
     • Email Address
     • Gender
     • Age
     • Education
       1. • Occupation as OFW (Land-Based, Sea-Based, Other)
          • Date of return to the Philippines
          • Passport Number
          • Area of Responsibility (Operation/Production, Finance, Management/Administrative, Marketing, Other)
          • If available, specify Existing Business.
          • Select Business Interest and submit the form.
       2. Complete the FREE 3-day online training program from the Philippine Trade and Training Center (PTTC).
       3. After completing the training, secure the following requirements for the loan program:
          • Scanned copy of your passport
          • Business Model Canvas
          • Audio Visual Presentation (AVP) Business Plan, including the following:
          • Nature of the Business
          • Product Knowledge
          • Management Capability
          • Financial Understanding
          • Market Opportunity
          • Competitive Advantage
          • Business Continuity
       4. Visit this link to continue with the loan application.
       5. During the loan application, submit the following requirements:
          • One (1) valid government-issued ID with a photo
          • OWWA certification confirming OFW application repatriation
          • Audio Visual Presentation (AVP) Business Plan
          • DTI registration
          • Certificate of Completion (COC) from the PTTC for the online training session for start-ups
       6. Then, submit additional requirements or information requested by SB Corporation.

       Also, note that OFW applicants can get instructions on creating the AVP Business Plan during the online training from PTTC.

       Sample Business Proposal for OWWA HEROES Loan Program

       Here are the following details the business proposal should contain to discuss how you will use the HEROES loan:

       • Operating costs breakdown
       • Sales projection
       • Inventory requirements
       • Product design and development

       Reminders on OWWA HEROES Loan Program

       Before you consider applying for the OWWA HEROES Loan Program, here are some important reminders you should keep in mind:

       1. The first step in the loan application process is to fill out the pre-registration form from the Philippine Trade Training Center (PTTC) and participate in a free online training session.
       2. The purpose of the HEROES project is to provide funding for business ventures. Therefore, the loans obtained through this program should be used solely as start-up capital or to support ongoing business operations.
       3. While the HEROES project offers a no-collateral loan, the Department of Trade and Industry (DTI) emphasizes the importance of timely loan repayment based on the agreed amortization plan. This ensures that more repatriated Overseas Filipino Workers (OFWs) can access the loan program to establish and sustain micro and small businesses.
       4. Failure to repay the loan on time may result in legal action taken by the Small Business Corporation (SB Corporation), the implementing agency of the program.
       5. Non-payment or late payment of the loan can also lead to a negative credit record, which may have implications for future financial transactions.
       6. Each borrower who wishes to avail of the HEROES project can apply for a loan of up to P100,000.
       7. The HEROES project is the government’s only reintegration program offering livelihood loans without any interest rate or collateral requirement.
       8. SB Corporation does not require collateral or profit records for existing businesses applying for the loan.
       9. All OFW applicants must complete the free entrepreneurship training provided by PTTC.
       10. Applicants for the HEROES project are required to present an Audio-Visual Presentation (AVP) Business Plan.
       11. All OFW applicants will have a scheduled one-on-one mentoring session with an experienced entrepreneur to guide them through the loan process.
       12. The repayment period for the HEROES Loan Program is 24 months, with an automatic grace period of 12 months.
       13. The loan repayment begins in the 13th month of the 36th-month loan tenor.

       It is crucial to understand and adhere to these reminders when applying for and utilizing the OWWA HEROES Loan Program.

       10K – 100K OFW LOAN, NO INTEREST AT NO COLLATERAL (HEROES PROGRAM NG DTI)

       As explained in the video, repatriated Overseas Filipino Workers (OFWs) who are in need of business capital have the opportunity to apply for the OWWA HEROES Loan Program. This program provides financial assistance for start-ups and is specifically designed to support repatriated OFWs. One of the notable features of this loan program is that it does not charge any interest and does not require collateral.

       The OWWA HEROES Loan Program offers a range of loan amounts, starting from P10,000 and going up to P100,000. To be eligible for this program, repatriated OFWs are required to participate in a free online training session conducted by PTTC (Philippine Trade Training Center). This training session equips them with the necessary skills and knowledge to establish and manage their business effectively.

       In addition to the training session, repatriated OFWs who wish to avail themselves of the loan program need to prepare a video presentation detailing their business plan. This presentation will provide an overview of their proposed business, demonstrating their understanding of its operations, potential market, and feasibility.

       The OWWA HEROES Loan Program serves as a valuable opportunity for repatriated OFWs to receive financial assistance and support in establishing their own businesses. It aims to empower them economically and contribute to their successful reintegration into the local workforce.

       Frequently Asked Questions

       Can I borrow money from OWWA?

       “Yes, it is possible to obtain a loan from OWWA. However, it’s important to note that OWWA does not provide loans for personal use. The agency offers loans specifically for business purposes, which is facilitated through the HEROES Loan Program.”

       Please let me know if there’s anything else I can assist you with.

       Who are qualified for OWWA HEROES Loan?

       “OFWs who are active members of OWWA are eligible for the HEROES Loan Program. This program is designed for returning and repatriated OFWs who have been affected by the economic impact of the Covid-19 pandemic.

       Additionally, land-based or non-professional OFWs who have been laid off from their jobs due to the Covid-19 pandemic also qualify for the HEROES Loan Program.”

       How to apply for OWWA HEROES Loan?

       To apply for the OWWA HEROES Loan, it is necessary for you to fulfill the following steps: First, ensure that you complete the required documentary requirements and online training session from PTTC (Philippine Trade Training Center). These are essential components of the loan application process.

       Additionally, you must submit a video presentation detailing your business concept and other relevant information related to the business you intend to establish. This presentation should highlight the viability and potential impact of your proposed venture.

       By adhering to these guidelines and completing the necessary steps, you will increase your chances of a successful application for the OWWA HEROES Loan.

       How much can I loan from OWWA HEROES Loan?

       You can borrow a minimum of P10,000 and a maximum of P100,000 under the OWWA HEROES Loan Program.

       Summary

       The OWWA HEROES Loan Program is an excellent initiative provided by the Philippine government to support returning overseas Filipino workers (OFWs) who have decided to permanently stay in the country. This program is available to OWWA members who have been repatriated or have lost their jobs due to the Covid-19 pandemic.

       In addition, this loan program offers business-related training and services to equip aspiring entrepreneurs. As a result, OFWs who are returning to the Philippines are encouraged to apply for the OWWA HEROES Loan Program to kickstart their businesses and enhance their livelihoods.