Bank of Maldives Introduces the Covid19 Economic Stimulus Loan

In the ongoing pandemic, businesses have had to overcome impromptu challenges they have been continuously facing. The rough road has taken tolls on even the most stable businesses and as times of recovery fall upon us, stakeholders are coming together to introduce relief packages for those who need assistance in getting the ball rolling again.  
 
On May 27, 2021, the Ministry of Finance had announced a loan scheme to help sustain small and medium businesses under its economic stimulus package. Details of the loan has been outlined now and starting June 20, 2021 onwards, financially affected businesses can apply for the facility via Bank of Maldives.  
 
Registered businesses are eligible for up to MVR 10 million in loan funds for their projects. The interest rate is set at 6% for this unsecured facility with a repayment period of 4 years which starts after a grace period of 12 months. Conditions of eligibility and useful information is updated on the bank’s website. 
 
Bank of Maldives is supporting the implementation of the Covid-19 Economic Stimulus Loan in partnership with the Ministry of Finance.