Ministry of Economic Development has introduced a new loan scheme for women entrepreneurs. The loan scheme is introduced for women interested in starting new businesses, according to Economic Ministry.
The Ministry said loans can also attained by female entrepreneurs engaged in micro or small to medium enterprises adding that the scheme is open for all sectors and businesses. The Ministry has allocated over USD 1.3 million for the loan scheme, and plans to grant between USD 3,237 and USD 6,474 to each individual or party. A mortgage is necessary if the applicant desires a loan of over USD 6,474, further revealed the Ministry.
Stating the interest rate of the loan scheme is set at 9%, the Economic Ministry added that the loan must be paid within a period of eight years.
Economic Ministry notes that applications for the loan will be accepted from 25 February to March 1, highlighting that six business centres will be established in 6 different islands where people can submit the forms. In this regard, the Ministry has established business centers in Kulhudhuffushi, Kudahuvadhoo, Naifaru, Thinadhoo and Hithadhoo.