The Directorate of Industrial Supervision and Inspection said that 35 oil mill entrepreneurs in need of capital have been granted loans worth Ks.4,443 million from 2022 to up to date. Previously, the maximum loan amount for oil mill entrepreneur was only Ks.3 billion, but now the maximum has been increased to Ks.5 billion.
Entrepreneurs who want to borrow more than Ks.5 billion should apply directly to the Myanmar Agricultural Development Bank head office. Currently, it has been announced that domestic oil mill owners in need of capital will be granted loans at a favorable interest rate for oil mill industry development. To apply for oil mill development loans, the oil mill must be currently operating and have a valid business license.
The loan must be secured by immovable property registered by the name of owner, the land use permit form (7) must be submitted. Oil mills that have already taken loans from banks will only be granted loans only when they can provide separate collateral. The minimum loan amount for working capital is Ks.10 million to Ks.500 million, and the minimum loan amount for fixed capital is Ks20 million to Ks.500 million.
The loan repayment period is 1 year for working capital, 3 years for fixed capital, in 3 installments, and the interest rate is 5 percent per year. Oil mill entrepreneurs who want to apply for loans can apply to the Edible Oil Millers Association Office, the Myanmar Edible Oil Dealers’ Association Office, in the relevant regions and states, including Nay Pyi Taw and all branches of the Directorate of Industrial Supervision and Inspection, all branches of Myanmar Economic Bank and Myanmar Agricultural Development Bank obtaining loan proposal form.
Under the guidance of the State Administrative Council, the Oil Mills Development Loan Management Working Group, is providing low-interest loans from the Oil Mill Loan Fund established by the National Economic Development Fund to expand and install modern equipment in domestic oil mills, build new modern oil mills, and meet capital requirements.
