LANDBANK Small Business Loans for Overseas Filipino Workers — Financing a business is no longer a big problem for returning Overseas Filipino Workers. The Land Bank of the Philippines (LANDBANK) is still offering low-interest small business loans to returning OFWs wanting to start a business they can call their own but lack business start-up capital.
During last month’s launching of the OFW Reintegration Program, LANDBANK approved the twelve returning overseas Filipino Workers business loan application. P8.3 million loans were approved for returning OFWs from Bulacan, Pampanga, Zambales, Batangas, Iloilo, Bacolod, Cebu, Bukidnon, Davao, and Pasay as part of LANDBANK’s P1-billion commitment to the P2-billion reintegration loan program jointly implemented by OWWA, LANDBANK and DBP.
The OFW-RP aim to provide economic opportunities for returning OFWs affected by political crises in the Middle East and other countries seriously stricken by natural calamities.
Among the initial loan that LANDBANK approved are a P2-million working capital requirement for an existing music school and another P2 million for a proposed business in agri-vet supplies trading.
Other approved loans include a P1-million business in Nuat Thai Foot and Body Massage, a P500,000 dental laboratory, P400,000 each for business in LPG Gas Trading and a fitness center, P300,000 each for palay trading, and an internet cafe business; and a total of P1.4 million for four hog fattening projects.
According to LANDBANK President and CEO Gilda Pico, they were glad to help OFWs start their own businesses and engage in market-led economic activities. The bank offers a range of loan products including project modules such as bangus in bamboo cages, tilapia culture in earthen pond, hog fattening project and native chicken project. The project modules will provide OFW-borrowers information on investment requirements and projected monthly income for the said projects.
Qualified OFWs may borrow from P300,000 to as much as P2 million at 7.5% interest per annum payable within one year of a maximum of seven years, depending on the loan project. LANDBANK will extend loan up to 80 percent of the total project cost while the remaining 20 percent is the equity of the borrower.
Eligible projects are those with confirmed market, market contract or service contracts that will generate an income of at least P10,000 every month. Qualified borrowers are OWWA-certified OFWs who can no longer work overseas and who now want to engage in business and need financing assistance for working capital and fixed asset acquisition in their preferred business.
Dear Sir/MadaM:
For information, I was formerly an OFW, and I have worked in Saudi Arabia for 9 years. All of my employments there were supported by Certificates of Employments. Can I apply for a business loan? My small computer services have been operating since 2007, but it needs additional working capital to expand its operation and to transfer it to a better location.
Your reply thru my email is highly appreciated. Thanks.
Antonio C. Roxas
Former OFW
gsto ko po sana mgkaron ng sariling business,khit po maliit na puhunan lang
Hi,
I am a former OFW from Middle East.Having my own business have been a long dream of mine.Because having my own business means “home”.Time for family.
After finding success, i believe it is my responsibility to share my knowledge/experience.
I have started my independent gas station for a year and for now its going strong.
Anyone who have wanted to have a business with stable income, i can suggest an independent gas station for the following reasons
– highly demand commodity
– short time turn over
– increasing demand due to increase vehicle purchase
With your budget of 2M would be enough to put up one like the “Bulilit gas station”. Compared to other franchise players, margin is minimal so you have to play by the volume to reach their quota.
Here, you are your own boss at very flexible margin.ROI is fast as twice the Big players
Required lot at least 500 sqm on your name, along hiway or near city
I can assist you build up your business plan, to contruction, to operational
But Before you respond, we require the ff:
– must have a lot w TCT not lesser than 500 sqm along hiway or near city (location)
– have at least 500k operating budget other than the 2M Capex for the stn
– willing to undergo training
– willing to be the managing-owner and has no more intention to return as ofw…
email me at ofwalliance@gmail.com and send me your available time to meet at manila. Due to volume of inquiries, it may take some time for us to get back to you. Make sure that you qualify on the above qualification for us not to waste time.
Read more: http://www.sulit.com.ph/index.php/view+classifieds/id/4119325/Attn+OFWs%3A+Gas+Station+Set+up+thru+OWWA+Loan%2C+Ready+Business+Plan
anong name ng gas station na ito?sa bohol ang lupa ko along hi-way at lampas ng 500 sq mtr ang lot area..Ofw ako dito nagwork sa qatar petroleum isang oil and gas company..sa sinasabi mong capital mayron ako at gusto kolang malaman na pwede ba dito sa bohol at anong name ng gas station na yan..thanksss..
i am an ofw working here in dubai on a new employment contract.was here since 2008.i want to start a business in the Philipiines while i am here earning money and can pay the monthly amortization for the loan.i believe there are no programs for ofw’s like me that want to start up a business while working abroad.please enlighten me on this matter,dont want to work here for another long period of time,want to start now…