Bank of Maldives (BML) has begun accepting applications for COVID-19 Economic Stimulus Loan.
With the impact of COVID-19 on the local economy, the Ministry of Finance outlined a loan scheme to help sustain small and medium enterprises (SMEs) as part of the economic stimulus package announced on May 27.
The COVID-19 Economic Stimulus Loan will be available to businesses financially affected by the pandemic, with finances up to USD 647,418 provided at a lower interest rate of 6%. It is an unsecured facility with a repayment period of 4 years, said the national bank.
In order to be eligible for the loan, a customer should not be a recipient of a previously granted COVID-19 relief loan scheme. BML said customers are required to submit applications by email for the loan.