Ministry of Economic Development has raised the loan ceiling for loans from the women entrepreneurs' loan scheme.
At a press briefing held at the Ministry of Economic Development, Deputy Minister Adam Thaufeeq revealed that loan applications will be accepted until March 15. With this rise in the loan ceiling, interested candidates can now borrow amounts between USD 3000 and USD 13000 under the low scheme, added the Deputy Minister. The Economic Ministry previously had allocated USD 6500 as the maximum amount that can be borrowed under the scheme.
Addressing the press briefing, Deputy Minister Thaufeeq noted that interested parties who have already submitted applications can reapply to increase the loan amount. Noting that the application deadline was extended to provide the opportunity for more applicants to participate in the scheme, Adam Thaufeeq said the ministry has received over 195 applications so far.
The Economic Ministry introduced a new loan scheme for women startup entrepreneurs whereby women entrepreneurs can invest in micro or small to medium enterprises adding that the scheme is open for all sectors and businesses, according to the Ministry.
Ministry of Economic Development added that the loans must be repaid within a period of eight years, at a 9% interest rate. The Ministry has established business centres in Kulhudhuffushi, Kudahuvadhoo, Naifaru, Thinadhoo and Hithadhoo to cater to the whole population of Maldives.