Economic Ministry on Sunday has confirmed more than 700 individuals have applied for the state initiated SME loan scheme worth a total MVR 50 million.
The duration for the small and medium enterprise (SME) loan scheme expired on Thursday last week.
Deputy Minister of the government body, Adam Thaufeeq spoke with Avas Online on Sunday confirming that a total of 759 applicants forwarded their proposals for the loan scheme before the deadline.
He also assured the loan winners will receive loans by June.
The SME loan scheme has a nine-year settlement period with a one year grace period. The loan is issued on a 7% interest rate to a total of 7 distinct areas or fields of work. The loan does not require an equity and neither does it demand a mortgage.
The Maldives state had issued loans to for kick-start ventures through several schemes including GetSet, SME and 'Faseyha Madhadhu' to ease out the initial phase of starting business ventures. Maldives government claims that a total worth of MVR 190 million would be issued out as startup loans in 2018.
