Low-interest loans offered to oil millers

THE Oil Mills Development Loan Management Task Force will offer low-interest loans to oil millers.

Repayment periods are one year for working capital loans and three years for fixed capital loans (a one-year deferral and four instalments within two years) with an annual interest rate of five per cent.

The task force has been providing low-interest loans to oil millers for working capital and fixed capital to expand, upgrade, and develop necessary equipment and new mills, allocated from the State Economic Promotion Fund.

Those oil millers who meet the following conditions: owning an operational mill, having a valid licence, presenting immovable property with ownership and land use certificate Form 7 as collateral, providing separate collateral for the loans if the owner has already borrowed from private and public banks, holders of FDA certificates, and small industrial enterprise registration certificates. Members of the Myanmar Edible Oil Millers’ Association and the Myanmar Edible Oil Dealers’ Association will be prioritized as well.

Loan amounts are set at K10 million to K500 million for working capital and K20 million to K500 million for fixed capital investment. Those who wish to borrow more than K500 million must apply directly at the Secretary’s Office of Oil Mills Development Loan Management Task Force, Myanma Agricultural Development Bank (Head Office).

Oil millers can apply for a loan at the respective offices of Myanmar Edible Oil Millers’ Association, Myanmar Edible Oil Dealers’ Association, the Directorate of Industrial Supervision and Inspection and branches of Myanma Economic Bank and Myanma Agricultural Development Bank.

The application can be downloaded from the websites of the Ministry of Planning and Finance, www.mopf.gov.mm, the Directorate of Industrial Supervision and Inspection https:// msmewebportal.gov.mm/, the Myanmar Edible Oil Millers’ Association http://www.meoma.org, the Myanmar Edible Oil Dealers’ Association http:// meoda.myanmarwebtraining. com, Myanma Economic Bank www.meb.gov.mm, and Myanma Agricultural Development Bank www.madb.gov.mm.

NN/KK

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