Good news Kabayan!
The Department of Trade and Industry (DTI) and the Overseas Workers Welfare Administration (OWWA) are teaming up to help repatriated OFWs set up their own business! How? Through the Enterprise Development and Loan Program or EDLP, qualified OFWs and their families who are interested in Micro, Small and Medium Enterprises (MSMEs) will be assisted in starting their own businesses. This gives OFWs the alternative to either stay in the country for good to manage their own business or have their families do it for them if they choose to go abroad again.
The EDLP comes from the OWWA’s P2-Billion OFW Reintegration Program which was launched in June 2011. Here, interested OFWs would be allowed to loan 300,000Php to 2,000,000Php. Viable MSMEs should generate a net monthly income of at least 10,000Php.
The interest rate would be at 7.5% annually. Depending on the cash flow, payments would be made monthly, quarterly, or annually.
The eligibility requirements are as follows:
- One should be an active member of the OWWA
- He or she should have completed the Enhanced Entrepreneurship Development Training (EEDT) conducted by the DTI and the OWWA. This includes orientation, talks by government agencies like DTI and TESDA, and a Business Plan workshop.
- He or she should be able to provide 20% equity
- After the EDDT, secure the required OWWA Certification for submission to LANDBANK.
- Visit the nearest Landbank Lending Center or Landbank Branch for more information and evaluation of project proposal.
For more information, you may also visit:
Ms. Elma P. Viray, the DTI NCRO Area-3 Head had said that the DTI would be holding a Financial Forum wherein a number of Micro Financing Institutions (MFIs) would be giving talks that would entice the attendees to get into a business that they might be interested in.
The department would also be holding a Franchising Overview for OFWs who would opt to get into franchising. This would be divided into two parts: the first is the Franchise Appreciation. Here, the attendees would be listening to the specifics of franchising and why it might be a good idea to get involved with it. Second, should there be attendees who already have the money to start, franchising entities would be there to make transactions.
The DTI is eyeing the last week of September or the first week of October for both the Financial Forum and the Franchising Overview.
This opens up a lot of possibilities Kabayan! So what are you waiting for? Grab the opportunity now!