Oil millers grasp chance for low-interest loan plan

According to the Oil Mills Development Loan Management Working Group, oil millers in need of financial capital can apply for loans if they meet the criteria.
Low-interest loans are being provided by the Oil Mills Development Loan Management Task Force’s fund for the expansion and installation of equipment in domestic oil refineries, the construction of new modern oil refineries, and commercial investment needs.
Applicants who wish to apply for an oil refinery development loan must provide proof of a currently operating oil mill, a valid business title licence, immovable property owned by the title as insurance, and a land ownership certificate with Form No 7. Additionally, those with existing loans from State-owned or private banks can apply for oil mill development loans only if they can submit a separate guarantee.
Priority consideration will be given to those who have obtained an FDA certificate, a small industry registration certificate, and those who are members of the Myanmar Edible Oil Millers Association or the oil dealers association in their region.
The terms and conditions for oil industry development loans are as follows: loans for working capital range from a minimum of K10 million to a maximum of K300 million, while loans for fixed capital range from a minimum of K20 million to a maximum of K300 million. Oil mill business owners seeking loans above K300 million must apply directly to the office of the secretary of the Oil Mills Development Loan Management Task Force under the Myanmar Agricultural Development Bank (Head Office).
The loan term and repayment period for business revolving capital is one year, and for capital investment, the loan term is three years with three instalments. The loan interest rate is five per cent per year. Oil refiners wishing to apply for oil industry development loans can do so at the relevant departments and branches.
The oil mill loan proposal forms can be downloaded from the websites of the Ministry of Planning and Finance, the Department of Industrial Supervision and Inspection, the Myanmar Edible Oil Millers Association, the Myanmar Edible Oil Dealers Association, the Myanma Economic Bank (MEB), and the Myanmar Agricultural Development Bank (MADB). —TWA/TKO