Economic Ministry has announced and publicized the reference numbers of all 43 loan recipients who have been awarded under the SME loan scheme in 2017.
The state government issues MVR 50 million worth funding under the small and medium entrepreneurship loan scheme to local businesses ranging from small sole proprietorships to medium corporate entities.
In 2017 the government issued the SME loan in August to a total of 43 recipients, a grand total of MVR 38 million as investment from government.
The SME loan has a settlement period of 9 years with a grace period of one year. Debtors will have to settle the loan with an added interest rate of 7 percent.
The equity-less loan scheme is also fashioned so the debtors do not have to settle any pre-loan mortgages.
Economic Ministry will be opening the loan scheme for 2018 officially on Sunday.
