The Bank of Maldives (BML) has said the deadline for submitting COVID-19 economic stimulus loan applications is July 17.
BML has accepted and processed applications for an Economic Stimulus Loan, facilitated by the Government of Maldives, to provide business support in the event of COVID-19. Applications are reviewed on a first come, first served basis. According to BML, the funds allocated under the loan program are limited and currently the loan applications accepted by the Bank have exceeded the limit. As such, the deadline for accepting applications under the scheme is July 17, 2021.
The bank said it would invite more applications at a later date if there were any funds available after the evaluation of existing applications.
The loan program is included in the stimulus package announced by the Ministry of Finance on May 27, 2021 to help support small and medium-sized businesses with the continued impact of COVID-19 on the local economy.
The COVID-19 Economic Stimulus Loan will be available to businesses financially affected by the pandemic to fund up to 10 million MVR at a 6% lower interest rate. This is an unsecured facility with a 4 year repayment period.