Over 300 entrepreneurs granted loans in pandemic period

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Staff giving service to the businessperson in applying for loans amid COVID-19. Photo: Myint Maung Soe
Staff giving service to the businessperson in applying for loans amid COVID-19. Photo: Myint Maung Soe
Staff giving service to the businessperson in applying for loans amid COVID-19. Photo: Myint Maung Soe

More than 300 entrepreneurs have been granted the business loans in coronavirus period, said UMFCCI general-secretary U Aye Win.
The government has provided K100 billion coronavirus funds to the businesses affected by the pandemic.
“The World Health Organization (WHO) has declared new coronavirus disease as a pandemic on 3 March. UMFCCI coordinated with the relevant departments, the experts and Myanmar labour organizations to mitigate the coronavirus impact upon the economic sector. This being so, the government granted permission to provide K100 billion loans to the businesspersons. As of today, K13 billion loans have been provided to 300 businesses already,” he added.
UMFCCI and its affiliated associations from states and regions accepted the applications through online from 30 March to April to provide the loans. Now, the federation received a total of 4,258 application forms. Among them, the loans were provided to 85 businesses in the first batch, 113 businesses in the second batch and 111 businesses in the third batch. The remaining application forms are still being scrutinized. The federation will complete the scrutinizing of the application forms at the end of May and provide the loans to the remaining businesses.
“We provide the loans with an aim for the businesses to carry out their operations as usual. We don’t mean for them to extend or make more investment. Because of providing the loans, they can give the employee’s salary and continue their businesses. At least, the employees can receive a three-month salary,” he noted.
The loan applying businesses are mostly from the SME sector, the garment factories and the hotel businesses. Moreover, UMFCCI is still accepting the applications.
During the coronavirus period, some factories are faced with challenges to suspend their factories’ operations for lack of raw materials. However, the government is encouraging the businesses to continue to operate their businesses in cooperation with the economic experts. —Myint Maung Soe (Translated by Hay Mar)

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