Bank of Maldives (BML) has launched a new unsecured Working Capital Finance facility.
During a press conference held on Monday, BML revealed that the facility offers short-term funding for small businesses up to MVR 3 million and does not require customers to put up collateral assets. BML states that this new facility will cover 20% of average annual sales from the past 3 years with the maximum, adding that the maximum amount of MVR 3 million to be repaid within three years.
This facility can also be used as a Demand Loan or as a credit line limit in the form of Overdrafts, Bank Guarantee, Letters of Credit and Trust Receipt Demand Loans.
In addition to the new unsecured Working Capital Finance facility, BML has also introduced reduced interest rates for Business Development Loan, Guest House Loan, Real Estate Loan, and secured Retailers’ Loan. These changes will also be made to facilities offered by BML Islamic, said BML.
The introduction of this unsecured facility, which is a first for this market, is part of our support to remain dedicated to the growth of the business sector in the country. We now have a competitive and comprehensive business product portfolio for our customers, and for the first time, a simple way to easily access capital to grow, innovate or even to boost short term cash flows.BML’s CEO and MD Tim Sawyer
Speaking at the press conference, BML’s CEO and Managing Director Tim Sawyer stated that equity required for Home Construction loans has been reduced to 20% from the prior 30%.
