Government to issue loans for women entrepreneurs in June

  • 500 application forms submitted under loan scheme specified for women and over 300 out of them will be granted loans
  • All the assessments needed for the issuance of loans have been completed
  • The total budget for the Women's loan scheme is set at MVR 20 million

K. Male' | Zunana Zalif | 03-June-2018 | Sunday 08:58 | zunana | Business | 1,022

Press conference held by the Economic Ministry -- Photo by: Mohamed Sharuhaan

The Ministry of Economic Affairs has said that loans for the recipients of the government's loan scheme specified for women- Kan'balunge Loan- will be provided to them within this month.

Manager of the loan scheme Maheel Ali Jaleel said that they had received over 500 application forms, out of which over 300 will be granted loans.

Maheel highlighted that all the assessments needed for the issuance of loans have been completed and that the ongoing process is of the national bank, Bank of Maldives (BML).

Maheel added that while the BML's work is proceeding, loan issuance may start within June.

"Loan evaluations for women have been completed, ongoing is the bank process. We will continue discussions with the loan recipients" said Maheel.

The total budget for the Women's loan scheme is set at MVR 20 million. Loans are to be issued between MVR 50,000 and MVR 100,000.

If the loan is applied for an amount lesser than MVR 50,000, a loan guarantee is not required, however, if the loan exceeds MVR 50,000, the recipient is mandated to give a loan guarantee of 130%.

While 9% has been allocated under the interest rate for the category, reimbursement must be completed within a year.

While the Economic Ministry has allocated MVR 190 million for this year's loan schemes, they are currently conducting SME (Small and Medium Enterprises), Get Set and the loan scheme specified for women.



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