Ministry of Economic Development has extended the deadline for submission of applications for the special loan introduced for women entrepreneurs.
Noting that the deadline was extended to provide opportunity for more applicants to participate in the scheme, the Economic Ministry revealed that applications will be accepted until the 8th of March.
The Ministry Economic Development introduced a new loan scheme for women startup entrepreneurs. The Ministry said loans attained by women entrepreneurs can be used to invest in micro or small to medium enterprises adding that the scheme is open for all sectors and businesses.
The Ministry has allocated over 1.3 million dollars for the loan scheme, and plans to grant between USD 3,237 and USD 6,474 to each individual or party. Economic Ministry added that the loans must be repaid within a period of eight years, stating the interest rate of the loan scheme is set at 9 percent.
The Economic Ministry revealed that a mortgage is necessary, only if the applicant desires a loan of over USD 6,474. Economic Ministry highlighted that applicants can submit the forms at any of the six business centres that have been established in 6 different islands by the ministry. The Ministry has established business centers in Kulhudhuffushi, Kudahuvadhoo, Naifaru, Thinadhoo and Hithadhoo.