BRAC offers a pro-rural and pro-poor service, bringing in a holistic development model delivered through its microfinance plus approach. As a result, selection of the branch offices is based on the idea to integrate other development interventions e.g. education, health and agriculture, with microfinance leading the way. The information gathered from microfinance activities are being recorded systematically to identify needs of the community for better design and delivery of services required in other sectors.
BRAC Myanmar now has implemented Small Enterprise Programme (SEP), which are loans ranging from USD 590 to USD 7300 and are given to individuals as working capital for their businesses. It is a monthly instalment payment system and a client needs to repay at BRAC’s branch office or through mobile money. The tenure of this loan can be 6/12/18 months based on an evaluation of the enterprise. BRAC is committed to provide collateral-free loans with quick processing time, minimum fees, without any hidden cost and the best possible support for small entrepreneurs.
October 15: BRAC Myanmar Microfinance Company Limited was issued with the certificate of incorporation and form of permit by the Directorate of Investment and Company Registration, Ministry of National Planning and Economic Development, the Government of the Republic of the Union of Myanmar, in accordance with Myanmar Companies Act.
May 12: BRAC Myanmar Microfinance Company Limited received license to operate microfinance business in Myanmar
June 18: The first microloan was disbursed
August 5 to 8: A delegation of three from Myanmar Microfinance Supervisory Enterprise (MMSE) visited Bangladesh on invitation from BRAC to gain first-hand experience on good practices in microfinance and other development practices.
By December: Five scholarships to Myanmar nationals to attend master's level courses on governance and public health in BRAC University.
April: BRAC Myanmar, in partnership with The Gaylord College of Journalism and Mass Communication at the University of Oklahoma, U.S. Department of State, and the Young Southeast Asian Leaders Initiative (YSEALI), has placed five young entrepreneurs from Myanmar in a fellowship programme in the USA.
October: BRAC Myanmar disburses its 10,000th loan.
March: An emergency response coordinator joined BRACs operation in Myanmar, to strengthen its preparedness to handle natural and humanitarian emergencies.
September: BRAC disbursed its 1st loan in the Mandalay region, in the Chan Mya That Zi branch.