UMFCCI strives for fast screening of COVID loan applications

The Union of Myanmar Federation of Chambers of Commerce and Industry is striving to offer the COVID-19 loan at the most initial time.
Over 10,000 businesses put in the loan application in the second batch of the COVID-19 loan, and 75 per cent of them are from the regions and states outside Yangon, which accounts for 25 per cent of the applications.
Over 7,600 businesses from the regions and states other than Yangon manually applied for the loan. The federation received more than 800 online applications. More than 1,500 enterprises were sent loan applications to UMFCCI office in Yangon.
Starting from 11 August, officials from the SMEs Department, the Directorate of Investment and Company Administration (DICA), Myanma Economic Bank, Myanma Agricultural Development Bank, Department of Technical and Vocational Education and Training under the Ministry of Education, Trade Department, Fisheries Department and Livestock Breeding and Veterinary Department under the Ministry of Agriculture, Livestock and Irrigation, and 21 representatives from the affiliated organizations of UMFCCI are assessing the coronavirus loan amount, without a day off, so that the business can take out a loan in time.
If the businesses fail to complete the application requirement, the applications will not be discarded. The businesspersons will be contacted shortly. The priority sectors for the second K100 billion from the second batch of COVID-19 loan are agriculture, fisheries and livestock enterprises, export and import businesses, and vocational schools.
The committee has already granted the loan to the business stricken by the pandemic from the initial COVID-19 Fund. In the first batch, CMP garment business, hotel and tourism service and small and medium enterprises (SMEs) were given priority, and SME sector is granted 70 per cent of the loan then. —Aung Thura
(Translated by Ei Myat Mon)

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