Application for the loan scheme introduced by the government under the name 'Get Set' was opened on Tuesday.
The purpose of the said scheme is to produce new entrepreneurs and to provide support to existing young entrepreneurs.
At the press conference held at Economic Ministry on Tuesday, 'Get Set' program's manager Maahil Ali Jaleel said that this is the third time the ministry has provided the opportunity to apply for the loan scheme and added that applicants between the age of 18 to 35 years can apply proposals. Furthermore, Mahil said that business initiations from any sector is acceptable.
The ministry informed that application forms can be submitted until 02:00 pm from 24th to 28th June and said that a template for the proposal will be included in the said forms.
Additionally, Maahil informed the public that forms will be accepted from the Economic Ministry building in Male' and six business centers located in several locations of Maldives. Forms can also be submitted online through email.
'We are giving the public one month to prepare. Try to submit the application form without waiting until the last minute. The form includes what needs to be submitted with the application. Incomplete applications will not be accepted. Therefore there is a chance of resubmission within the deadline if you apply early on', said Maahil.
The recipients of the loan are to receive an amount between MVR 300,000 to 800,000. While MVR 40 million is allocated for the 'Get Set' loan scheme every year, the ministry was able to provide the loan to 71 applicants within the last two years.