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Economic Ministry collects over 700 loans applications for SME

Ministry of Economic Development has collected over 700 forms of loan applications for small and medium-sized enterprises, introduced by the government to assist and enhance the economy of the country.
Economic Ministry revealed efforts to evaluate the forms are currently underway adding evaluation process will be completed before the end of this month as expected before.
The maximum amount issued under the loan scheme for individuals or sole proprietorships is set at USD 32,455, while a total of over USD 3.2 million has been allocated to grant the loans, according to the Economic Ministry. In contrast, companies or corporate societies can attain loans amounting to USD 97,365.
This year, loans will be issued from eight categories, including tourism, construction, transportation, farming and fisheries and corporative society, in addition to service sector, waste management and open category.
Economic Ministry issued over USD 2.4 million as loans for small and medium-sized enterprises in 2017. The scheme is designed by the government to boost productivity and creative business start-ups to develop the economic structure of Maldives. While loans are issued with a 7% interest rate and a grace period of 1 year, the maximum settlement period is 9 years.
Economic Ministry established business centres in Naifaru of Lhaviyani atoll, Fonadhoo of laamu atoll, Thinadhoo of Gaafu Dhaalu atoll, Kulhudhuffushi of Haa Dhaalu atoll, Kudahuvadhoo of Dhaalu atoll and Hithadhoo of Addu city to ease collection of applications from islands.