Yangon—A total of 50 entrepreneurs have submitted their applications under the loan scheme for virus-hit sectors, according to the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI).

As from 30 March, the UMFCCI has started receiving applications for the disbursement of soft loan to the virus-affected businesses through the COVID-19 fund. 

Most of applicants are from CMP, hotels and tourism and SMEs. 

The UMFCCI will receive the applications from 30 March to 9 April. 

In an attempt to remedy three major sectors affected by the COVID-19, the government has set up a Ks-100 billion COVID-19 Fund—Ks-50 billion from the State’s revolving fund and Ks-50 billion from the Social Security Fund. 

In cooperation with the government, the UMFCCI will carry out the systematic allocation of loans to the businesses affected by the COVID-19, fixing the standards for loan and the repayment of loans in the designated period.