Ministry of Finance has revealed 377 businesses have been provided loans from the Bank of Maldives (BML) under the COVID-19 Recovery Loan Scheme.
As per the statistics of the finance ministry, BML provided loans amounting to USD 42 million for 532 businesses as of October 1. The statistics show that 573 businesses applied for the loans, while BML approved loans for 410 businesses, of which 377 businesses have now been provided with the loans. The finance ministry said discussions are ongoing to decide on the applications from 12 businesses.
The government introduced an economic relief package to prevent local businesses from going bankrupt amid the COVID-19 pandemic. While loans for large businesses are issued by the BML, loans for small and medium enterprises (SMEs) and freelance workers are issued by SME Finance Development Corporation (SDFC).
BML issues loans up to USD 500,000 for resort businesses and up to USD 65,000 for other businesses.