Bank of Maldives (BML) has disbursed a total of MVR 45 million to businesses, under the Covid-19 Recovery Scheme.

The bank is administering funds allocated to resorts and businesses with over MVR 10 million turnover, as part of the government’s Covid-19 Recovery Scheme to support individuals and businesses impacted by the ongoing pandemic.

Noting that 63 businesses have been evaluated thus far, BML said that “a total of MVR 45 million has now been disbursed to 34 customers”. It added that the remaining loans will be distributed “once documentation is completed by customers”.

The relief packages are being provided at a six percent interest per annum for a three-year period, which includes a grace period of six months during which “no interest or principal payments will be made”.

The SME Development Finance Corporation (SDFC) is providing relief loans to businesses with an annual income of less than MVR 10 million in 2019; also with an interest rate of six percent and a repayment period of three years. Self-employed persons can apply for loans up to MVR 18,000 through this scheme, and the eligibility criteria include a six-month work history in the past 12 months as well as an income during that period.