The Ministry of Finance in collaboration with SME Development Finance Corporation (SDFC) has initiated new loan scheme in attempts to provide relief for local businesses.
The scheme is an initiative under the Economic Recovery Plan by Maldives government to sate or offset damages of local businesses due to the viral pandemic COVID-19 drastically impacting local economy.
SDFC claims the new loan scheme is facilitated in order to provide funding to manage recurrent expenditure and to ensure functioning of businesses.
Loans will be issued under the scheme at a 6 percent interest rate with a settlement duration of 3 years.
Requirements for successful applicants include, an operating business with a revenue at or below MVR10 million in 2019. In addition to this, businesses should not have any employment terminations of any local staff, amid the economic crisis.
The loan scheme will be made applicable from 08 April 2020, Wednesday, onward.
