Ayeyarwady Bank offers loans to SMEs up to one billion kyats

The Ayeyarwady Bank will provide AYA SME loans to SME entrepreneurs up to K 1 billon to improve local SME businesses, according to a statement released by the bank on 7 January.
AYA Bank said in a statement that it provides financial support for the development of the industrial sector, including small and medium enterprises while encouraging them to boost their productivity.
The bank provides four types of loans, and among them, demand loans are meant to increase productivity and profit, while overdraft loans are aimed at meeting short-term cash needs between creditors and debtors. Loans for investment and loans for SMEs with regular monthly income and shop owners will also be provided.
The bank has informed that the loan applicants must be SMEs having business licenses with more than two years of working experience, and the bank requires the SMEs to provide lands, buildings, condos or apartments as collateral to be eligible for a loan amount between K10 million and K1 billion. The interest rate of loans will be charged from 10 per cent to 14.5 per cent, and the businesses can apply for loans at nearby AYA Bank branches. — TWA/TH