Bank of Maldives (BML) has reopened the opportunity to apply for Economic Stimulus Loans for businesses affected by the COVID-19 pandemic.
The Economic Stimulus Loan was first announced in November 2020 when BML partnered with the Ministry of Finance to accept and process the loans. BML said the loans were facilitated by the government to support businesses that were financially affected by the pandemic.
All eligible businesses can get financing up to MVR 460,000 at a 6% interest rate with a repayment period of four years, under the Economic Stimulus Loan. BML also stated recipients of previously granted European Investment Bank (EIB) COVID Relief Loan or Economic Stimulus Loan are not eligible to apply for the current round of loans.
Furthermore, BML stated that eligible businesses can submit the completed application form together with the supporting documents until November 30.