Ministry of Economic Development has announced that 37 individuals as recipients of the Get Set loan program.

The Ministry reported that they were in the process of awarding the loans to the recipients.

The scheme, worth MVR 25 million, aims to create more startups among youth.

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.