Singapore microfinance company Hayman Capital provided loans worth over K21 billion to assist over 40,000 Myanmar SMEs

Singaporean microfinance company Hayman Capital has provided loans worth over K21 billion to Myanmar small businesses and vendors.

The loans will be divided into two categories: individual loan and group loan.

The loan repayment period is set between 6-18 months, according to Sultan Marenov, Managing Director and CEO of Hayman Capital.

“As of the end of August, we have provided K21.5 billion to approximately 40,000 small businesses and vendors. In May, we loaned to approximately 30,000 borrowers and have added nearly 10,000 borrowers in the last 5 months,” Sultan Marenov, said.

80 percent of borrowers are women working in trade, services, manufacturing, and agriculture, the company said.  

Hayman Capital secured a $1 million loan from Myanmar branch of Malaysia’s May Bank as part of an ambitious expansion plan to enlarge its loan portfolio to become the market leader in Myanmar.

Hayman Capital, which was set up in Myanmar in 2014, said in January that it aimed to double the size of its operations in the Golden Land by the end of 2017.

“The minimum loan amount for each local small business and vendor is set at K100,000, with an interest rate of 2.5 percent per month,” Ma Yi Mon Oo, Finance Officer of Hayman Capital, said.

“Before offering the loan, we conduct credit and operational checks to ensure that the business has been running for at least 3 months and then carry out monitoring each month after the loan is dispersed,” he added.

The lender has provided K21.5 billion in loans to approximately 40,000 businesses in 160 villages and 140 quarters through 5 offices in Yangon and Bago region. Hayman has plans to expand to Mandalay and Sagaing Regions this year.

(Myanmar Business Today: https://www.mmbiztoday.com/articles/microfinance-assists-40000-myanmar-sme )

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