A MVR 50 million loan program to create businesses

Economic Ministry has said that a MVR 50 million loan program would begin in August to develop small and mid-level businesses.

Speaking at a press conference at the Economic Ministry, Ministry Consultant, Ibrahim Firushan said that, new businesses and existing businesses would be eligible for this loan program.

Firushan also asked those who want to start a business and those who want to expand existing businesses to prepare business proposals. And he said that proposals prepared now would eligible when the loan scheme begins.

Fields open for the loan scheme includes tourism, fisheries, agriculture and transportation.

“Under tourism, a sub category is included for places like guesthouses and souvenirs.” Firushan said.

Economic Ministry says that the loan scheme would open on 12 August.

The Ministry says that a period of about 45 days would be given to submit proposals as to give the opportunity for as many people as possible and technical support would be provided by the Economic Ministry to make the winning businesses a success.