Bank of Maldives (BML) has today introduced a new unsecured Working Capital Finance facility to provide businesses with access to finance up to MVR 3 million as part of BML’s commitment and support for business and to meet short-term funding and cash flow requirements.
According to a press release by BML, the new Working Capital facility allows businesses to finance up to 20% of the past 3 years’ average annual sales, up to a maximum amount of MVR 3 million with a repayment period up to 3 years.
Furthermore, The facility can be availed as a Demand Loan or as a credit line limit in the form of Overdrafts, Bank Guarantee, Letters of Credit and Trust Receipt Demand Loans.
With the new product introduced today, BML also announced a reduction in interest/profit rates for Business Development Loan, Guest House Loan, Real Estate Loan, and secured Retailers’ Loan.
The bank revealed these changes are also reflected in the Shari’ah compliant business financing facilities offered by
BML Islamic.
“The introduction of this unsecured facility, which is a first for this market, is part of our support to remain dedicated to the growth of the business sector in the country. We now have a competitive and comprehensive business product portfolio for our customers, and for the first time, a simple way to easily access capital to grow, innovate or even to boost short term cash flows.” Commenting on these changes, BML’s CEO and MD Tim Sawyer stated.
Speaking at today’s press conference, CEO Tim Sawyer also announced a reduction in equity required for Home Construction loans. New Home Construction loans/financing will require 20% of equity from today.