1. Collateral Loan Window
* Individuals or Partnerships with less than five (5) members are entitled to a maximum of P 200,000.00 each member
* Service Fee = Four percent (4%)
* Facilitation Fee = Three percent (3%)
* Total interest rate per annum plus fees not to exceed 16%
Loan Requirements
For Individual Borrowers
1. Proof of OWWA Contribution (passport with POEA-LAC stamp, information sheet from OWWA, POEA-attested Employment Certificate, or E-card)
2. Business Plan / Project Feasibility Study
3. Financial Statement in case of existing business
4. Business permit / license (pre-release condition)
5. Collateral papers (REM or chattel mortgage)
Additional Requirements if availee is an immediate family member:
1. Marriage Contract and consent (for married borrowers)
2. Birth Certificate and authorization (for single OFWs)
For Group Borrowers
1. Proof of OWWA Contribution at least among officers
2. Business Plan
3. Financial Statement in case of existing business
4. Collateral Papers / Ownership Titles
5. Promissory Note for Non-collateral Loan Window
6. Registration with Securities and Exchange Commission (SEC) for partnerships & corporations; Cooperative Development Authority (CDA) for cooperatives; and Department of Labor and Employment (DOLE) for associations.
7. Basic organizational instruments:
– 7.1 Articles of Incorporation for corporations
– 7.2 Ratified group By-Laws or Mutually Agreed Term for partnerships
– 7.3 Articles of Incorporation for cooperatives
– 7.4 Constitution and By-laws for associations
8. Board resolution or group/partnership resolution specifying intent to undertake a group/partnership project or expand a group/partnership project using capital to be borrowed from the OWWA-NLSF-LDPO
Source:Â http://www.owwa.gov.ph:8080/wcmqs/about/faq/#loans