Ministry of Economic Development has revealed women entrepreneurs loan would be handed over to successful applicants in June.
The loan focused for women entrepreneurs was introduced by the government to assist women aiming to start a micro or small to medium enterprises and to assist in their business and financial needs. Women engaged in businesses and women who aim to start a business can apply for the loan, according to Economic Ministry.
The Ministry has received over 400 applications and evaluation of the forms are underway, Deputy Minister at Economic Ministry Adam Thaufeeq said speaking with PSM News. 50% of the applications have been evaluated and sent to Bank of Maldives and loans will be granted to successful applicants in June, according to Adam Thaufeeq.
The Ministry has allocated USD 1.3 million for the loan scheme and successful applicants would receive funds between USD 3,244 to USD 6,489. The loans would be charged an interest rate of 9% and the loans should be paid back within 8 years.