Ministry of Economic Development has revealed over 300 women entrepreneurs will be granted loans by the government in its efforts to empower women. The loan scheme for women entrepreneurs was well accepted by the public stated Economic Ministry citing more than 500 applications were collected by the Ministry.
The applications have been evaluated and sent to Bank of Maldives, according to the Economic Ministry. Moreover, the Ministry revealed efforts are underway to handover the loans to successful applicants before the end of the month. The loan focused for women entrepreneurs was introduced by the government to assist women aiming to start micro or small to medium enterprises and to assist in their business and financial needs.
The Ministry has allocated USD 1.3 million for the loan scheme and successful applicants would receive funds between USD 3,244 to USD 6,489. The loans would be charged an interest rate of 9% and the loans should be paid back within 8 years.