Over 700 application forms submitted for SME loan: Economic Ministry

The Ministry of Economic Affairs has revealed that over 700 application forms have been submitted under the 'Get Set' loan which was open for submissions in late May for small and medium enterprises.

Manager of the ministry's 'Get Set' loan program, Maheel Ali Jaleel said that work to issue loans to recipients is currently underway and that work to complete the committee's assessments are proceeding at a swift rate. As such, the manager said that they are currently evaluating the forms of applicants, adding that the evaluation process will conclude by June.

"Just like the previous year, the competition is pretty high this year as well. Over 700 loan applications have been submitted this year, which is a much higher amount than compared to the previous year" said Maheel.

According to the Economic Ministry, priority will be given to women, young entrepreneurs, individuals with special needs, Environmental friendly establishments as well as those businesses established in Hulhumale', Villimale' and outlying islands.

Loans will as well be issued to establishments that hold 100% Maldivian shares and do not specify for a particular age group.

The ministry further said that under the scheme, loans will be issued to single establishments at a maximum of MVR 500,000 while those with partnerships and corporative societies will be provided up to MVR 1.5 million.

Categories that come under loan issuance include tourism, transport, construction, fishing and agriculture sectors as well as corporative society, service providers, waste management sectors along with open category sector.

The recipients of the loan scheme specified for individuals under 35, 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.