YangonSMEstoreceivesmartcardsfacilitatingloans

Smartcardstohelpsmallandmedium-sizedenterprises(SMEs)applyforbankloanswillbeissuedaftertherelevantdataiscollected,YangonChiefMinisterUPhyoMinTheinsaidatameetingwithlocalbusinessesattheRepublicoftheUnionofMyanmarFederationofChamberofCommerceandIndustry(UMFCCI)officeonAugust28.

THEprogramwillcover45townshipsinYangonRegionincludingCocokyun."Sofar,wehavecollectedtherelevantdataforSMEsinYangonRegion.Afterwehavemadethenecessarygroundchecks,SMEsmartcardswillbeissuedtothosebusinesses.EverySMEwillhaveasmartcardwithitsloandatauploaded,"theChiefMinistersaid.

ThelackofloandataisoneofthefactorsdelayingtheprocessingofloansandtherateatwhichmoneyisextendedtoSMEs.

"Whenapplyingforloans,ittakesalotoftimetocheckdatalikepreviousloanstaken,paymentrecordsandprofitability.MyanmaralsolacksafunctionalCreditBureauwhichcanprovidesuchdata,"CEOandVice-ChairofCooperativeBankUKyawLintoldtheMyanmarTimes.

"WemustcollectthedatasystematicallytohelpSMEsgaineasieraccesstoloanassistance.Wewillcollectdataineachtownshipbyteams.WecanalsohelpSMEsindifferentsectorsinobtainingloans,"headded.ArrangementshavebeenmadeforYangonCityBanktoextendtheloanstoqualifiedSMEs.

Accordingtoexistingdepartmentalstatistics,thereareofficiallyover40,industrialbusinessesandover20,SMEsinMyanmar.

Atthesamemeeting,UnionMinisterforPlanningandFinanceUKyawWinsaidhisministrywouldbeassistingbusinessesintheagricultureandconstructionsectorsaswellasSMEsbyprovidingthemwithcapitalfundstodeveloptheiroperations.“TheUniongovernmentwilldirectlylendahandbyprovidingloans.Billionscanbeextended,”saidUKyawWin.

Notably,theloanswillalsobeextendedtobusinessesalongthesupplychain.Intheagriculturesectorcurrently,onlyfarmersareeligibleforloansbytheMyanmarAgriculturalDevelopmentBank(MADB).Butthenewplanwillallowbusinessestotakeloansforcropcultivation,thepurchaseofmachinery,processinganddiversifyingintonewexportmarkets.

Intheconstructionsector,businesseswillbegivenaccesstoworkingcapitalduringperiodsofcashflowdifficulties,hesaid.TheloanswillbeprovidedbytheMADBandConstructionandHousingDevelopmentBank(CHDB)throughtheMyanmaEconomicBank(MEB).

Meanwhile,financialassistancewillalsobegiventoSMEsinvolvedinethnicculturalandtraditionalworks,householdworksandregionalproductservices.However,prioritieswillbegiventothoseinvolvedinthebusinessofreplacingimportedproductswithdomesticallyproducedalternatives,UKyawWinsaid.

Themovessignifyeffortstoassistlocalbusinessesonthegovernment’spart.InMyanmar,SMEsdonothaveeasyaccesstobankfinancingandrelyheavilyonloansfrominternationalinstitutionssuchastheJapanInternationalCooperationAgencyandtheInternationalFinanceCorporation.Evenhere,themoniescanonlybedisseminatedthroughalocalbank.

Thisisbecauseinterestratesonlocalbankloanscanbeashighas13percent,andloweringthoseratesinvolvesreviewingthecentralbank’smonetarypolicy,whichstatesthatdepositratescannotbelowerthantherateofinflation.Hence,Myanmar’sbankshavetypicallylackedtheinitiativetoexpandtheirloanbooks.

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