SBCorp Oks ₧52-M loan to aid OFWs gain income
THE Trade Department’s financing arm Small Business Corp. (SBCorp) announced that as of August 30, it has approved P52 million loans to overseas Filipino workers (OFWs) through a lending program it calls “Heroes.”
The program aims to help the displaced, repatriated or the returning OFWs to rebuild their lives in the Philippines by helping them start their own business.
In addition, SBCorp Board Director Voltaire B. Magpayo said during a televised interview last Tuesday that the microfinancing institution has already received about 100,000 loan applications from OFWs.
Magpayo explained the government established the loan facility for OFWs after they were displaced when markets across the world shut down. Remittances from OFWs account for nearly 10 percent of the country’s gross domestic product.
Magpayo said that OFWs can avail of loans ranging from P30,000 to P100,000, which he added has a grace period.
“When we say grace period, hindi po sila magbabayad ng interest o principal sa loob ng isang taon at wala po kaming collateral na hinihingi at ang maganda po rito ay walang interest,” he added. [They won’t have to pay interest or the principal for a year. We also don’t require any collateral. And there is no interest on the loan.]
The SBCorp official said applicants need to have a certificate of completion of training issued by the Philippine Trade Training Center (PTTC), scanned copy of their passport, video presentation (applicant will be given guidance during the PTTC training) and business-model canvas for loan amounts beyond P50,000.
Magpayo said OFWs who wish to apply for a loan can apply through any “Go Negosyo” center nationwide; an online application is also an option.
Aside from the “Heroes,” Magpayo said SBCorp also opened a second lending facility for OFWs seeking to expand their businesses.
He added there’s also a lending program for micro, small, and medium enterprises (MSMEs) wherein SBCorp has released P8 billion in loans to about 300,000.
Magpayo said SBCorp, government’s microfinancing institution, also offers loans to MSMEs that have capitalization of below P3 million.
Aside from the “Heroes,” Magpayo said SBCorp also opened a second lending facility for OFWs seeking to expand their businesses.
He added there’s also a lending program for micro, small, and medium enterprises (MSMEs) wherein SBCorp has released P8 billion in loans to about 300,000.
Magpayo said SBCorp, government’s microfinancing institution, also offers loans to MSMEs that have capitalization of below P3 million.
Source: SBCorp Oks ₧52-M loan to aid OFWs gain income – BusinessMirror