Over 390 Mandalarian businesses receive COVID-19 loan: MRCCI

NATIONAL NEWS

More than 390 coronavirus-affected businesses from Mandalay Region have been approved so far to receive the emergency Coronavirus Fund, said an official of the Mandalay Region Chamber of Commerce and Industry (MRCCI).
“The businesses approved for the loan includes food industry, weaving business, hotels and tourism enterprise, private schools and gems and jewellery business,” said an MRCCI official.
More than 3,400 enterprises across the country have been granted over K100 billion from the Fund between 9 April and 2 July, as per the committee’s data.
The applicants approved by the committee will be screened in line with banking 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 Fund of K100 billion are CMP garment business, hotels and tourism service and small and medium enterprises (SMEs). The committee has been granting the loan to the business stricken by the pandemic from the initial fund, with K50 billion allocated from the country’s revolving fund and another K50 billion from the social welfare fund.
On 3 July, the Ministry of Planning, Finance and Industry released a statement that the addition of K100 billion will be put into the fund to remedy the businesses hit hard by the pandemic.
Regarding the Coronavirus Fund, 85 businesspersons were granted K5.696 billion in the first batch, while 113 enterprises were selected for K4.495 billion in the second batch, 111 enterprises in the third batch for K3.5466 billion, 417 in the fourth batch for K15.079 billion, 290 in the fifth batch for K8.7335 billion, 2,078 in the sixth batch for K49.116 billion and 307 in the sixth batch for K14.556 billion respectively.
Some businesses shut down during the early outbreak. The emergency coronavirus loan aims to ease the economic burden faced by the virus-stricken businesses and not to expand the business and put capital for businesses. Mainly, the government intends to help the business keep operations and the workers get the salary for at least three months. — GNLM  (Translated by Ei Myat Mon)

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