Ministry of Economic Development claims more than 500 applicants have submitted their proposals for GetSet Loan scheme.
Speaking at a press conference held Wednesday at Indira Gandhi Memorial Hospital's conference hall, the manager of GetSet scheme, Maheel Ali Jaleel said a total of 530 applicants had produced their proposals for the loan scheme - an initiative encouraging tender businessmen - and the evaluation phase of the proposals are currently underway.
"We are hoping to award the successful candidates with loans in the upcoming month if the evaluation is completed before that" Jaleel affirmed.
Under Get Set scheme government plans to issue 200 million rufiyaa worth loan within a five year mark - with the initial batch of 34 individuals receiving loan scheme and a second batch awaiting loan.
According to Jaleel, a total of 22 individuals out of the 34 from debut batch has found success in kick-starting their businesses, which he marked "a 60% success rate."
Get Set loan - with a capital of MVR 200 million - issues loans between MVR 300,000 to 800,000 depending on scope, nature and capacity of the business without any conditional mortgages while loan settlement period is is ranged between 4 to 9 years.
