You can read daily news of Global New Light of Myanmar using mobile applications. Download now!

August 08, 2020

Announcement of loan from COVID-19 Fund to businesses

1. The Ministry of Planning, Finance and Industry has released Announcement 2/2020 on 3 July 2020, saying that the Committee for Remedying Economic Effects of COVID-19 made a decision at meeting 6/2020 to put in an additional K100 billion into the COVID-19 Fund. This decision was made in order to continue providing financial assistance to businesses negatively affected by COVID-19.
2. The fund will go to the businesses that manufacture agricultural, livestock and fisheries products, export commodities, import substituted products, supply chain of domestic products in the whole processes for export sector, food supplies, overseas employment agencies and vocational training schools.
3. The loan will be given to the businesses included in the categories under paragraph 2, with 1 per cent interest rate for one-year period.
4. The above-mentioned businesses, which meet the following norms, shall apply for the loan.
(a)National-owned businesses which were actually affected by the COVID-19.
(b)Ongoing-businesses or those were suspended in the past five months from this announcement and could be resumed immediately when the loan is received.
(c)Businesses that have been approved/licenced by the relevant departments before 31 March 2018.
(d)Businesses with annual income in the past two years.
(e)Businesses with concrete situation to pay back the loan.
(f)Companies that will use the loan for employment salaries and wages, and for operating its businesses
(g)Excluding companies suspended for registration from the Company Registration Office (CRO), or revoked from registration list, and other businesses suspended for registration by the relevant government department/organization or revoked from the registration list.
(h)Companies which have paid for income tax, commercial tax and special commodity tax.
(i)Companies for which the board of directors, and other businesses for which the owner can be guaranteed to pay back the loan.
(j)Businesses that failed to settle the loan of a bank, or that have been sued by a bank for default.
(k)Businesses that have never received COVID-19 Fund.
(l) Businesses of agriculture, livestock and fisheries products must be aligned with the following norms:
(1)Commercial businesses more than manageable and household capacities
(2)Loan has not been taken from the Myanmar Agricultural Development Bank
(3)Approval from township officer of General Administration Department for the existing business.
5. Failure for repayment of loan shall face legal action, and the loan-taken business will be announced in the negative list of credit bureau, in addition to prohibiting loan rights from non-bank financial institutions and microfinance firms.
6. Specific application form must be used in applying for loans, together with relevant documents for the loan. Application forms without required standards and norms will be considered invalid.
7. The application can be taken out from the following offices and departments
(a) The Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI), Yangon
(b) State/Region CCI offices
(c) Headquarters and local offices of Directorate of Investment and Company Administration
(d)Headquarters and local offices of Directorate of Industrial Supervision and Inspection
8. The applications can be downloaded from the following links
(a) www.mifer.gov.mm
(b) www.msme.gov.mm
(c) www.dica.gov.mm
(d) www.umfcci.com.mm
9. The applications will be accepted at the following offices from 9:30 am to 4:40 pm from 29 July to 10 August 2020
(a)Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI), Yangon
(b)State/Region CCI offices
10. Online application is available at https://umfccicovid19loan.mitcloud.com
11. The applications after the valid date 10 August 2020 will not be processed.
12. Detailed information about the loan can be received at the following phone numbers of relevant offices.
(a) The Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI), Yangon 01-231 4343
09 450 2001 70
(b)Directorate of Investment and Company
Administration
01 658121
01 6581 31
(c) Directorate of Industrial Supervision and
Inspection
09 5153946
13. The loan will be given to the businesses included in the categories of paragraph 2.

Committee for Remedying Economic Effects of
COVID-19

Comments

Related posts