Ministry of Finance has revealed 330 businesses have been provided loans from the Bank of Maldives (BML) under the COVID-19 Recovery Loan Scheme.
As per the statistics of the finance ministry, BML provided loans amounting to USD 8 million for 330 businesses as of July 27. The statistics show that 542 businesses applied for the loans, while BML approved loans for 367 businesses, of which 330 businesses have now been provided with the loans. The finance ministry said discussions are ongoing to decide on the applications from 31 businesses.
The government introduced an economic relief package to prevent local businesses from going bankrupt amid the COVID-19 pandemic. While loans for large businesses are issued by the BML, loans for small and medium enterprises (SMEs) and freelance workers are issued by SME Finance Development Corporation (SDFC). BML issues loans up to USD 500,000 for resort businesses and up to USD 65,000 for other businesses.