News Column

Myanmar : SMID BANK sets a lending target of Ks 20 billion for the SME Sector for the current month

July 8, 2014

The Small and Medium Industrial Development Bank (SMID Bank) has announced its Ks 20 billion worth of lending strategy for the small and medium enterprises (SMEs) for July this year.

The Senior Advisor of the SMID Bank San Thein revealed, We are checking to approve SME loans for applicants. The lending date is not confirmed yet but it will be within this month. We are expecting to lend a total amount of Ks 20 billion in which Ks one billion loans will be provided to 15 states and regions.

He has further stated that the loan aspirants, to secure sanction for funding, will have to tender the complete proposal to Small and Medium Enterprises Development Centre under the Industry Ministry.

After that the bank will carry out the inspection and verify the procedures.

The loans will carry an interest rate of 8.5% and as per plans, amount between Ks 20 million and Ks 500 million will be granted on the basis of collateral.

The Industry Ministry records have revealed that there are over 120,000 registered SMEs now, of which more than 99% is involved in local businesses.

The Government has set up agencies, centres, and committees as well as banks to support the SME sector.

Under the Finance Ministry, Myanmar Insurance has launched selling of exclusive policies for the SMEs from June 30, 2014. The players in this sector can purchase these policies and utilize them in place of collateral for securing loans from bank.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: TendersInfo (India)

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters