49 apply for MVR23 million loan scheme

Some 49 entrepreneurs have applied for the government’s MVR23 million (US$1.4 million) loan scheme for small and medium-sized enterprises (SMEs), local media reports.

An official from the Economic Development Ministry told the press yesterday (January 12) that the Bank of Maldives was currently processing application forms.

While loans are provided with a nine percent interest rate and a one-year grace period to be repaid within eight years, 40 percent of the total amount is reserved for companies, partnerships and cooperative societies with a majority stake owned by youth aged 18 to 25, and female entrepreneurs.