Economic Ministry has commenced the Small and Medium or "SME" loan scheme targeted at small or medium business startups in Maldives.
Entrepreneurs will be subjected to receive loans under the loan scheme for which applications are opened.
The ministry informs application forms would be downloadable through the government body's website as well as through the seven economic focal points across the country; "Business Centers". Deadline for form submitting is September 27.
Government's annual SME loan scheme worth MVR 50 million is not mortgage-subjected. The scheme is designed to boost productivity and creative business startups to develop the economical structure of Maldives. Loans are issued under a 7% interest rate with a grace period of 1 year and settlement period spanning to 9 years. Only the interest is incurred during the mentioned period while the maximum amount issued under the loan for individuals or sole proprietorships is MVR 500,000. Companies or corporate societies would receive loans amounting to MVR 1.5 million to develop businesses.
Funds for the loan scheme is managed by the national bank, Bank Of Maldives (BML).
