Bank of Maldives will be opening the opportunity to submit applications for the Economic Stimulus Loan introduced by the government due to challenges faced by the ongoing Covid-19 pandemic, next week.

The country’s national bank revealed that they will begin accepting applications from June 20.

Interested individuals and business may seek further details and inquiries on the loan and application process through the bank’s official website.

In a Twitter post, the Minister of Finance, Ibrahim Ameer revealed that the new economic relief stimulus package aims to boost productivity and boost economy through businesses affected by the Covid-19 pandemic.

As part of the recovery plan to assist businesses the loan will carry an interest rate of six percent with no requirements for mortgage and a repayment period of four years. Businesses may seek up to MVR 10 million in loans through the initiative with a 12-month grace period.

The Ministry of Finance launched the scheme to assist struggling small and medium enterprises affected by the challenges posed by the pandemic sustain their income, as part of the government’s economic relief package. The stimulus package was launched on May 27.

Several small and medium businesses have been hit hard across the Maldives capital and outlying atolls which were placed under monitoring due to the Covid-19 outbreak.

In the past year, the government had provided a lot of assistance to small and middle-income businesses as well.

Earlier Ameer revealed that BML will be issuing MVR 370 million in loans under the scheme.