Ministry of Finance has revealed 384 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 43.3 million for 544 businesses as of October 15. The statistics show that 579 businesses applied for the loans, while BML approved loans for 410 businesses, of which 384 businesses have now been provided with the loans. The finance ministry said discussions are ongoing to decide on the applications from remaining 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. BML issues the loans at an interest rate of 6%, with a grace period of up to 6 months and a repayment period of up to 3 years.