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May 31, 2020

UMFCCI launches online loan service for Coronavirus-hit businesses

The Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) has launched an online loan system for the Coronavirus-hit businesses, according to the working committee to remedy the economic impacts caused by Covid-19.
Applications can be submitted to the UMFCCI head office, and region and state office of the Chamber of Commerce and Industry every day during the period from 30 March to 9 April 2020, according to a notification released on 29 March 2020.
However, in a bid to avoid gathering, reduce person-to-person contact and protect from the possible spread of Covid-19, the online system has been launched.
Loan applications can be processed on https://umfccicovid19loan.mitcloud.com.
Over 150 entrepreneurs have enquired about the loan from the Covid-19 Fund at the UMFCCI head office in two days (30 and 31 March); 50 successfully submitted applications. The priority sectors for the Covid-19 Fund of K100 billion are CMP garment business, hotel and tourism service and small and medium enterprises (SMEs).
The loan will be provided to enterprises that are included in the priority sectors at an interest of 1 per cent for one year.
If a business entity fails to repay the loan it can be put in the Negative List of the Credit Bureau and can be barred from taking any loans from a bank or a non-bank financial institution or a microfinance institution.
The loan must be applied with the stipulated form and incomplete applications or applications that do not meet the requirements shall not be accepted.
For further details of the loan, people can visit www.umfcci.com.mm and contact the UMFCCI through mobile phone 01-230485, 01-2301562 or [email protected]—GNLM (Translated by Ei Myat Mon)

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