Bank of Maldives (BML) has stopped accepting new applications for COVID-19 Relief Loan initiated by the European Investment Bank (EIB).
BML said the fund allocated for the relief loan has now been reached for the second time after reopening the application process at the start of this month.
BML stated COVID-19 Relief Loan was granted as part of Team Europe Action, facilitated by the Government of Maldives, to support Small to Medium Enterprises (SMEs) operating in the travel and tourism industry and speed up post-COVID economic recovery.
This loan scheme granted businesses with up to MVR 15.42 million at a lower interest rate of 6% with a repayment period of 4-7 years.
Application window was initially opened during December 2020, which was then temporarily halted by the end of the month as the allocated fund limit was reached.