Ministry of Economic Development has opened opportunity to submit loan applications for small and medium-sized enterprises, introduced by the government to assist and enhance the economy of the country.
The loan scheme is designed to boost productivity and creative business startups to develop the economic structure of Maldives. Those interested can apply before next Thursday, revealed a statement issued by the Economic Ministry.
The maximum amount issued under the loan scheme for individuals or sole proprietorships is set at USD 32,455, while a total of over USD 3.2 million has been allocated to grant the loans, according to the Economic Ministry. In contrast, companies or corporate societies can attain loans amounting to USD 97,365.
This year, loans will be issued from eight categories, including tourism, construction, transportation, farming and fisheries and corporative society, in addition to service sector, waste management and open category.
Economic Ministry issued over USD 2.4 million as loans for small and medium-sized enterprises in 2017. While loans are issued with a 7% interest rate and a grace period of 1 year, the maximum settlement period is 9 years.