The Ministry of Economic Development has opened opportunity to apply for Small and Medium-sized Enterprises (SME) loan scheme 2017.
During a press conference held at the Ministry of Economic Development, Deputy Minister, Adam Thaufeeq stated that the aim of SME loan scheme 2017 is to boost small businesses across Maldives. The Deputy Minister said that a total of 38 million rufiyaa has been allocated for the SME Loans. Deputy Minister, Adam Thaufeeq added that priority will be given to youth, women and people with special needs.
The Economic Ministry highlighted that the government's initiative is to give the support needed in developing micro businesses in the local corporate industry of Maldives. The annual SME loan scheme, initiated by the government is an endorsed scheme with a capital of 50 million rufiyaa in total, distributed as loans to micro start-ups and businesses. It is also a mortgage-free scheme that grants the loan recipient a fixed 7% interest with a grace period of one year and a settlement period of 9 years. SME loan forms will be available from August 17 while submission is open for 10 days starting from September 17.
The Economic Ministry also disclosed that it spent 177 million rufiyaa to support SME loans within the past 3 years. Furthermore, the Ministry revealed that evaluation process is currently underway of the GetSet loan applicants and awarding will begin on September. The Ministry stated that 530 applicants submitted their proposals for GetSet Loan scheme this year. Under GetSet scheme, the Ministry plans to issue a total of 200 million rufiyaa to the selected applicants with a settlement period of five years.