The Government of the Maldives has opened applications for economic stimulus loans under the newly announced COVID-19 economic relief package.
The economic stimulus loans are issued to Small and Medium Enterprises (SMEs) that have been impacted by the COVID-19 pandemic. The loans are issued through the Bank of Maldives (BML). The national bank stated application for the loans will be accepted starting from June 20.
BML stated SMEs can apply for loans up to USD 650,000. The loans are issued without mortgage, at an interest rate of 6%. The repayment period for the loan is 4 years, with a grace period of 1 year.
The new economic stimulus package was announced by the government on May 27. The aim of the stimulus package is to increase the Gross Domestic Product (GDP) and help businesses recover from the impact of the COVID-19 pandemic.