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Ministry of Finance has revealed Bank of Maldives (BML) has disbursed USD 41.5 million for businesses under the COVID-19 Recovery Loan Scheme.
As per the statistics of the finance ministry, BML provided loans amounting to USD 41.5 million for 369 businesses as of September 10. The statistics show that 565 businesses applied for the loans, of which 397 applications have been approved. A further 17 applications are under review.
The government introduced an economic relief package to prevent local businesses from going bankrupt amid the COVID-19 pandemic. While loans for large businesses are issued by the BML, loans for small and medium enterprises (SMEs) and freelance workers are issued by SME Finance Development Corporation (SDFC). BML issues loans up to USD 500,000 for resort businesses and up to USD 65,000 for other businesses.
BML issues the loans at an interest rate of 6%, with a grace period of up to 6 months and a repayment period of up to 3 years.