The Bank of Maldives (BML) has announced the re-opening of the Economic Stimulus Loan for applications. Initially incepted in November 2020, the Economic Stimulus Loan was a joint venture between the Ministry of Finance of Maldives and the bank to support businesses financially in the worst-struck times of the Covid-19 pandemic. The loan scheme was facilitated by the Government of the Maldives.
The Economic Stimulus Loan is back once again and is now open for applications. Eligible entrepreneurs can submit their completed Application Form and required documents latest by 30th November 2022. The submissions are accepted and processed by email at firstname.lastname@example.org.
Under this facilitation, businesses can receive up to MVR 7 million in financing with a low-interest rate of 6% and a comfortable repayment period of four years. Please note that previous recipients of the EIB Covid Relief loan and Economic Stimulus Loan are not eligible for application.