Bank of Maldives (BML) has once again, opened applications for the Economic Stimulus Loan.

The Economic Stimulus Loan is facilitated by the Government of Maldives, to support businesses financially affected by the Covid-19 pandemic.

Ministry of Finance launched the stimulus package on 27 May 2021. The scheme was launched by the Ministry as part of the government’s economic relief package, to assist struggling small and medium enterprises affected by the Covid-19 pandemic, sustain their income.

As Such, Minister of Finance Ibrahim Ameer noted that the economic relief stimulus package aims to boost productivity and boost economy through businesses affected by the pandemic.

In November 2021, BML partnered with Ministry of Finance to accept and process applications for the loan.

Eligible businesses can send the completed Application Form along with the required supporting documents to[email protected].

Under this facility, financing is available up to MVR seven million with a lower interest rate of six percent and a repayment period of four years. Recipients of previously granted EIB COVID Relief Loan or Economic Stimulus Loan will not be eligible.

The applications are open until 30th November 2022.