83 Mandalarian businesspersons to get second COVID-19 loan in 1st batch

First batch of second COVID-19 loan reaches 83 businesspersons in Mandalay . Photo: MRCCI

A total of 648 businesspersons from Mandalay Region have applied for the second COVID-19 Fund, and 83 of them have been approved to receive the COVID-19 loan in the first batch, said U Kyaw Soe Naing, executive member of Mandalay Region Chamber of Commerce and Industry (MRCCI).
MRCCI is issuing the approval letter separately to avoid the unnecessary crowd, ensure the social distancing and contain the spread of COVID-19. Therefore, those approved applicants must contact MRCCI at first to make an appointment. They will be put off until the next day if they cannot do so during the set time, MRCCI stated.
A total of 1,041 enterprises have been approved to take out over K20.7 billion from the second COVID-19 Fund and 83 enterprises are included in this, according to a committee to remedy the economic impacts caused by the COVID-19.
The applicants approved by the committee will be screened in line with bank rules and procedures, and they are not eligible for the loan if they get sued by a bank. The remaining applications are being processed, the committee stated.
The priority sectors for the second batch of COVID-19 loan are agriculture and livestock enterprises, manufacturing businesses, import-substitution businesses, food and beverage businesses, oversea employment agencies, export and import businesses, and vocational schools.
The 2019-2020 additional budget of K100 billion is put into the second COVID-19 Fund to mitigate the economic impacts of the coronavirus on the businesses.
The government started the first COVID-19 Fund to the business stricken by the coronavirus impacts, with K50 billion allocated from the country’s revolving Fund and another K50 billion from the social welfare fund. The loan is set to pay off within one year, at one per cent of the interest rate.
In the first COVID-19 Fund, more than 4,250 businesses applied for the loan and 3,393 of them received the loan in line with the loan procedures. Over K101 billion have been disbursed under seven batches, Ministry of Investment and Foreign Economic Relations announced.
More than 390 COVID-19 affected businesses from Mandalay Region received the loan at that time. They are executing food businesses, weaving business, hotels and tourism enterprise, private schools and gems and jewellery business. — Than Zaw Min (IPRD)/ Htet Myat (Translated by Ei Myat Mon)

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