The Government has opened applications for the loan scheme for small to medium enterprises.
Deputy Minister at Ministry of Economic Development, Adam Thaufeeq reported that under this year’s scheme, MVR 38 million will be released. Applications for the scheme will be accepted from 17th to the 27th of this month.
Under the scheme, a maximum amount of MVR 500,000 per individual application will be released. If the applicant is a registered business, partnership or cooperative society, then they will be eligible to a loan amount not exceeding MVR 1.5 million.
Loans will be released to tourism, transportation, construction, fisheries and agriculture, cooperative societies, service provision, waste management and open sectors.
Economic Ministry says the loan repayment period will be determined after reviewing the financial statements and extended for a period not exceeding nine years. A maximum grace period of one year can be granted in this period.