Applications now open for SME loan scheme

Photo: PSM News

Small and medium enterprises can now submit the application forms for the Ministry of Economic Development’s SME Loan, introduced by the government to assist and enhance the economy of the country. A total of over USD 3.2 million has been allocated to grant the loans.

The loan scheme aims to increase creative startups and will help to develop the country’s economic structure. Interested parties can apply before next Thursday.

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The maximum amount issued under the loan scheme for individuals or sole proprietorships is set at USD 32,455, while companies or corporate societies can attain loans amounting to USD 97,365.

Loans will be issued from eight categories, including tourism, construction, transportation, farming and fisheries and corporative society, in addition to service sector, waste management and open category.

While loans are issued with a 7% interest rate and a grace period of 1 year, the maximum repayment period is 9 years.

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