Ministry of Finance has secured funds to help sustain small and medium businesses as part of its previously announced Economic Stimulus package.
Bank of Maldives has partnered with the Ministry of Finance to support the implementation of the Economic Stimulus Loan.
The Economic Stimulus Loan will be available to businesses financially affected by the pandemic to finance up to MVR 7 million at a lower interest rate of 6%. This is an unsecured facility with a repayment period of 4 years.
Projects which meet one of the following criteria:
New projects which are yet to commence. For these projects the following types of funding can be granted:
Businesses which require working capital during the general course of business
How much can I borrow?
Eligible applicants require to email attached with completed form along with documents as per checklist to [email protected]. Attachments shall not exceed 20 MB.
Note: Applications will be processed on first come first serve basis, submission will only be accepted with fully completed form along with documents as per checklist.
Applications with incomplete documentation will be considered void and cancelled. Bank will not communicate any discrepancies in the applications within the submission period. Any documents submitted after the deadline would not be taken into consideration
Answers to common questions on the Covid-19 Economic Stimulus Loan are included in the FAQ. If you would like additional information, please contact us or send a message through Internet Banking.