The government has launched applications for economic stimulus loans under the newly announced COVID-19 economic relief program.
The loans are made accessible by Bank of Maldives (BML), which stated that loan applications will be accepted commencing June 20.
Small and medium-sized enterprises (SMEs) affected by the COVID-19 pandemic are eligible for economic stimulus loans.
According to BML, SMEs can apply for loans of up to MVR 10 million without a mortgage, with a repayment duration of four years and a grace period of one year.
On May 27, the government announced the economic stimulus package aimed at increasing GDP and supporting businesses in recovery from the COVID-19 outbreak.