Bank of Maldives (BML) has approved loans for 441 applicants under the bank’s Covid-19 Recovery Scheme.
According to statistics from the Ministry of Finance, MVR 585.9 million and a total of USD 8 million had been disbursed through 419 loans issued on behalf of BML as of 14th January 2021.
The statistics also reveal that a total of 602 businesses had applied for the loans, out of which applications from 441 parties had been approved. 20 applications were rejected, and 141 applications were disqualified as ineligible.
The loans are being disbursed by BML in partnership with the Ministry of Finance, as part of the Covid-19 economic relief package, in order to allow hard-hit businesses to continue operations and retain employees.
For eligible businesses, BML’s Covid-19 Recovery Loan Scheme provides an unsecured facility at 6 percent interest per annum for a 3-year period, including a maximum 6-month grace period in which no interest and principal payments need to be made.