BML Begins Accepting Applications For EIB COVID Relief Loan Scheme
In recent years, Maldives has seen more local investments in Small and Medium Enterprises (SMEs) due to the increase of opportunities to engage in such businesses. Due to the nature of the business, they are the ones who are experiencing the impacts of the COVID-19 pandemic more crucially than others. To lend a hand to such business, Bank of Maldives Plc (BML) has earlier introduced two COVID Relief Loan Schemes.
One of the loan schemes that was announced in this regard is provided through funding from the European Investment Bank (EIB). Via a press release today, the Bank has announced that they have begun accepting applications for the loan. Businesses can borrow up to MVR 15.42 million at a lower interest rate of 6% in addition to longer repayment period of 4 to 7 years. No additional security is needed for the loan.
Applications are accepted along with required documents via email. The application form can be found here. The Bank has also published a comprehensive list comprising of eligible sectors for the loan which you can find here.
This COVID Relief Loan by BML is provided through funding from the European Investment Bank (EIB) in collaboration with Ministry of Finance. They have approved and granted a EUR 20 million loan agreement with the Ministry of Finance and BML in June 2020.
UPDATE: Wednesday 24, 2021
BML announces closing applications for the EIB COVID Relief Loan as allocated fund limits have been reached now.