Myanmar: Loans approved from COVID-19 fund for 400 small firms

The Myanmar Investment Comission (MIC) says it will be issuing emergency loans to around 400 small businesses that have suffered financial losses due to the COVID-19 pandemic sweeping the world.

“Over 400 businesses submitted their loan application forms on April 4, and the applicants have been determined to be genuine companies that have actually suffered losses. Most of the applicants small and medium enterprises, including hotels and travel agencies. We’re planning to issue the first batch of funds on April 9, and other batches after the Thingyan holidays,” said MIC Permanent Secretary U Aung Naing Oo.

The loan scheme was announced on March 29, and the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) and its state and regional offices began accepting the loan applications  from March 30. The deadline for applications is April 9. 

In order to avoid crowding, an application was made available starting April 2 for online submission of the locan applications via

 “Over 200 businesses submitted their forms online so far. We’ll look at the financial status of the businesses in different sectors. They may or may not get the amount they applied for, but there’s no limit as to how much we’ll lend to a particular company. The amount depends on the needs of the business. We check the applicants at two levels. The first is to see if they comply with the specified sectors and requirements. If these requirements are met, the Myanmar Institute  of Certified Public Accountants will inspect the accounts and recommend the loan amount that should be extended to each business. Finally, a working committee will make their decision on the application,” said U Aung Naing Oo. – Translated