The Oil Mills Development Loan Management Task Force announced that it would provide capital loans from Ks 10 million to Ks 300 million for working capital at an annual interest rate of five per cent for developing the edible oil industry.

Under the guidance of the State Administration Council, the Oil Mills Development Loan Management Task Force is now providing low-interest loans for working capital and fixed capital to expand, upgrade, and develop necessary equipment and new mills. The loans are sourced from the State Economic Development Fund.

Any oil miller can apply for these loans if they meet the prerequisites: the mill must be actively operational, a valid license is required and Form 7: Engaging in activities on farmland necessitates Form 7.

Separate collateral is necessary if the owner has previously borrowed from private or public banks.

Holders of FDA certificates, small industrial enterprise registration certificates, and members of the Myanmar Edible Oil Millers’ Association and the Myanmar Edible Oil Dealers’ Association will receive priority.

Entrepreneurs can access the following borrowing options: borrow between K10 million and K300 million for working capital needs and secure loans ranging from K20 million to K300 million for fixed capital investment.

Oil millers can apply for loans at all branches of the following organizations: Myanmar Edible Oil Millers’ Association, Myanmar Edible Oil Dealers’ Association, Directorate of Industrial Supervision and Inspection, Myanma Economic Bank and Myanma Agricultural Development Bank.

In the period from July to October 2023, 21 edible oil millers from seven states and regions, including Nay Pyi Taw, availed loans totaling K1.77 billion from the State.

Encouraged by this success, 37 millers have already applied for a substantial K6.78 billion in the subsequent round. The low-interest loans are poised to drive growth and innovation in Myanmar’s vital edible oil sector.