Economic Ministry has announced the SME loan scheme 2017 for micro businesses - with scope for people with disabilities.
During a press conference held on Wednesday at Indira Gandhi Memorial Hospital's conference hall, the deputy of Economic Ministry Adam Thaufeeq confirmed the loan scheme going official next month in an attempt to boost small businesses across Maldives.
The ministry confirms a total of MVR 38 million has been allocated for the development of local businesses falling under small or medium categories.
"Government's initiative is to give the needed push in developing micro businesses in the local corporate industry" Thaufeeq said during the conference.
According to the Managing Director of Business Center Corporation, Ahmed Mumthaz (BCC) the application form for SME loan will be available from September 17 while submission opens 10 days later on 27th. The value chain and capacity building specialist stated the loan scheme will follow similar procedure as previous schemes, he was quoted stating "the loan scheme will follow an incubation period, just like previous openings. Loan proceedings will be handle throughout the country via business centers enacted at various parts of the country, and we will provide assistance in preparing business plan required to apply for the loan."
The SME loan scheme - annually initiated - is a government endorsed scheme with a capital of MVR 50 million in total, distributed as loans to micro start-ups and businesses. A mortgage-less scheme that grants the loan recipient a fixed 7% interest with a grace period of one year and a total settlement period of 9 years.
