The Bank of Maldives (BML) has said the last date for the submission of applications for the COVID-19 Economic Stimulus Loan is July 17.
BML has been accepting and processing applications for the Economic Stimulus Loan, facilitated by the Government of Maldives, to provide COVID-19 relief support for businesses. The requests are being reviewed on a first-come-first-served basis. According to BML, the allocated funds under the loan scheme are limited and currently, the loan applications accepted by the Bank has exceeded the limit. As such, the last date for acceptance of applications under the scheme is 17th July 2021.
The bank said it would invite further applications at a later date if available funds remain after the evaluation of existing applications.
The loan scheme is included under the stimulus package announced by the Ministry of Finance on 27th May 2021 to help sustain small and medium businesses with the continued impact of COVID-19 on the local economy.
The COVID-19 Economic Stimulus Loan will be available to businesses financially affected by the pandemic to finance up to MVR 10 million at a lower interest rate of 6%. This is an unsecured facility with a repayment period of 4 years.