Tea shops, small restaurants to get access to nearly K60 bln loans

LOCAL NEWS

The Financial Regulatory Department under the Ministry of Planning, Finance and Industry will provide K59.498 billion to the tea shops, and small restaurants hit hard by the COVID-19 impacts at an interest rate of 2 per cent per annum, according to the department’s announcement on 15 August.
They can seek for a loan through 44 microfinance companies in the respective regions and states, with nine in Kachin State, five in Kayah State, six in Kayin State, two in Chin State, 14 in Sagaing Region, five in Taninthayi Region, 21 in Bago Region, 13 in Magway, 10 in Mon State, five in Rakhine State, 18 in Yangon, 11 in Shan State and 12 in Ayeyawady Region. The tea shops and small restaurants can take out a loan from K3.5 to 10 million depending on their initial investments.
Those who want to apply for a loan are required to meet nine criteria. Those businesses with at least one year of operation, which temporarily shut down during the crisis, are eligible to apply for the loan. They must present the recommendations and verifications of the relevant municipal officials and administrators. The 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. The loan term is valid for one year.— GNLM (Translated by Ei Myat Mon)

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