Bank of Maldives (BML) has unveiled some significant positive changes to its financing products to support the growth and success of businesses across the island nation.

This was revealed by the country’s national bank in a statement publicized on February 12.

Some of the positive changes unveiled by the bank for its financing products to support the growth and success of businesses include reducing the minimum equity from 30 percent to 20 percent, extending payment period from 15 to 20 years and allowing application for financing to construct projects under long-term lease agreements for long-term lessees, contractors, real estate developers, companies, government institutions, and other registered legal entities for real estate financing.

Further, as part of guest house financing, guest house proposed for the financing can now be listed as sole security and guest houses operating for over two years can access financing at 11 percent. In addition to this, new guest houses can access financing at 12 percent.

BML went on to reveal that as part of working capital financing, businesses can access financing up to 2.5 times more than the average monthly sales and the eligibility criteria for working capital financing has also been relaxed to accommodate more businesses.

Mohamed Shareef, BML’s CEO and Managing Director revealed that the announcement represents a significant step forward in the bank’s commitment to the Maldivian business community.

Further, he stated that by making financing more accessible and offering improved terms across multiple sectors, BML is making providing businesses with the financial support they need to expand, innovate and thrive in today's dynamic market.