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May 31, 2020

Industries affected by COVID-19 to apply loans

Announcement of the application of loans from COVID-19 Fund by the enterprises hit by COVID-19

1. Under the decision of the meeting 2/2020 of the Task Force to Remedy the Economic Impact that may cause by Coronavirus (COVID-19), CMP enterprises, hotels and tourism services and small and medium enterprises (SMEs) are designated as priority sectors that need remedy, and a COVID-19 Fund of Ks 100 billion has been set up to disburse loans to them.
2. The loan will be provided to enterprises that are included in the priority sectors at an interest of 1% for a one-year period.
3. Businesses included in the sectors can apply for loan if they meet the following points:
(a) Must be a citizen-owned enterprise that is actually hit by COVID-19
(b) Must be an operating enterprise or an enterprise that has temporarily halted operations for three months from the date of this announcement, but can start operations as soon as it receives the loan
(c) An enterprise that received the work permit or licence from the relevant department before 31 March 2018
(d) An enterprise that has annual income during the previous two years
(e) An enterprise that has favourable conditions to pay back the loan
(f) An enterprise that will use the loan money only in paying salaries of blue and white collar workers and operations
(g) As for a company, it shall not be the one that has been suspended or canceled from the company registration. As for non-company, it shall not be the one that has been suspended or canceled from the registration by the relevant department or organization.
(h) An enterprise that has paid the income tax/commercial tax/special goods tax
(i) An enterprise that regularly contributes to the social welfare funds
(j) As for a company the board of directors and for a non-company the owner shall act as the guarantor of the loan
4. Failure to pay back the loan shall be met with legal procedures in accordance with the existing laws. If a business entity fails to repay the loan it shall be put in the Negative List of the Credit Bureau, and shall be barred from taking any loans from a bank or a non-bank financial institution or a micro finance institution.
5. The loan shall be applied with the designated form which shall be complete with all necessary papers. In complete applications or applications that do not meet the requirements shall not be accepted.
6. Applications are available at the following offices or departments:
(a) The head office of the Union of Myanmar Chambers of Commerce and Industry (UMFCCI) Yangon
(b) Region/State office of the Chamber of Commerce and Industry
(c) The head office and Region/State offices of the Directorate of Investment and Company Administration (DICA)
(d) The head office and Region/State offices of the Directorate of Industrial Supervision and Inspection (DISI)
(e) The head office and Region/State offices of the Directorate of Hotels and Tourism (DHT)
7. Applications are also are available on the following websites
(a) www.mopfi.gov.mm
(b) www.mifer.gov.mm
(c) www.msme.gov.mm
(d) www.tourism.gov.mm
(e) www.dica.gov.mm
(f) www.umfcci.com.mm
8. Applications can be presented to the following places from 9.30 am to 4.30 pm daily during the period from 30 March to 9 April 2020.
(a) Head office of the Union of Myanmar Chambers of Commerce and Industry (UMFCCI)
(b) Region/State office of the Chamber of Commerce and Industry
9. Applications presented on the date after the last date 9 April 2020 will not be accepted
10. For more information, please dial the following numbers:
UMFCCI 01-2314343
01-2302485
01-2301562
[email protected]

DICA 01-658121
01-658131
DISI 09-5153946
DHT 09-5034582

11. Enterprises that meet the requirements stated in the first paragraph and that are hit by COVID-19 are entitled to apply for the loan

Task Force to Remedy the Economic Impact that may cause by Coronavirus (COVID-19)

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