Economic Minister Honourable Fayyaz Ismail has stated that this administration would be starting to give out loans for small and medium enterprises rather than the GetSet programme put in place by the previous government.
Previous administration set July 1st as the deadline for application for GetSet loans 3rd Edition. Nonetheless Minister has said that even though that the ministry has received countless applications, they would not be continuing with the programme.
SME Banks would be giving out loans for small and medium enterprises, youths as well as women all included. However, the ministry would be evaluating all the proposals in such a way that they’ll consider the potential, and other variables before giving out the loans. Furthermore, the loans would only be continued if the business show signs of growth and success.
The biggest hurdle faced by small business is undoubtedly the shortage of money. Thus SME banks would in turn become very helpful for these businesses. Furthermore, unlike other banks, SME banks would be shaped just for this purposes thus cutting out on additional costs.