Bank of Maldives (BML) has opened for applications to extend the grace period of recovery loans obtained by businesses due to the COVID-19 pandemic.
The recovery loans were introduced by BML in collaboration with the Maldivian government to provide funding and assistance to businesses struggling to stay afloat during the pandemic.
The Finance Ministry today said that applications for those who wish to increase the grace period of the recovery loans up to 6 months are now open.
Under this scheme, businesses whose grace periods have already expired will be able to extend it further by six months and obtain a total grace period of 12 months.
The Finance Ministry requested any applications for the extension to be informed within 30 days. If the grace period has already expired or has a duration of 30 days or less remaining, businesses are required to inform BML before April 1, 2021.
Applications for the extension can be sent via firstname.lastname@example.org