The list of 2nd COVID loans will be announced in the second week of September, which will amount K100 billion for the local SME businesses and enterprises, according to COVID-19 loan scrutinizing committee, UMFCCI. “We expected that the committee would announce the list of loans granted for the second time COVID-19 loan in the first phase in the second week of September. Those entrepreneurs who have won the grant have to take out the grant loan books at UMFCCI. And, the businessmen can withdraw the loans through the banks. We have found many coronavirus-positive patients these days. So, people are worried about infection. So, the sales of businesses have become cool these days. So, our UMFCCI is making arrangements to scrutinize the proposals as quickly as possible to be able to provide the loans as soon as possible,” said UMFCCI General Secretary U Aye Win.
The COVID-19 loan scrutinizing committee comprising the officials and staff from the related departments, UMFCCI-affiliated associations and SMEs are analyzing the proposals from across the country at the UMFCCI office in Yangon to provide the COVID loans for the second time in the first phase.
The committee received more than 10,000 loan applications including over 76,000 applications through the entrepreneurs from states and regions, over 1,500 in person at UMFCCI office and over 800 through online. Then, the businessmen can withdraw the loans from the respective township banks. The loans will be provided through Myanma Economic Bank branches and eight private banks. The interest rate will be only one per cent of the total loan amount, according to UMFCCI. —Myint Maung (Translated by Hay Mar)