Ministry of Economic Development has opened the opportunity for Small and Medium Enterprises (SMEs) to apply for SME loan schemes. Parties who are interested to apply for this loan can submit their application till the 27th of this month.
The Deputy Minister of Ministry of Economic Development, Adam Thaufeeq stated that under this year’s scheme, a fund of MVR 38 Million is allocated to be released as loan. Individuals are eligible to apply for loans not exceeding MVR 500,000 and registered businesses, partnership or cooperative society for MVR 1.5 Million respectively.
Application forms are now available from the 7 business centers of the Economic Ministry and from their official website and can be submitted to the Ministry, their business centers or can be e-mailed to firstname.lastname@example.org.
The Government stated that this loan is issued with the aim of supporting the local businesses and to increase the productions by locals. Applicants are not required to keep a mortgage and are charged with 7% interest only.
Economic Ministry stated that a loan repayment period will be determined after reviewing the financial statements of the companies and will be released for a period of maximum 9 years where a grace period of 1 year is permitted.