Deadline for SME loan application extended to the end of the month

The deadline for the loan application for MVR 50 million for small and mid-level business, the SME loans, has been extended to the end of the month.

The original announcement puts the deadline for loan applications tomorrow.

Deputy Minister of the Economic Ministry, Adam Thaufeeq told Sun Media today that the loan application deadline was extended to 31 January on the request of a number of people.

SME Consultant, Ibrahim Firushan said that applications are being accepted through the Economic Ministry, the six business centers established in the atolls and via email.

While any local over 18 years of age can apply for the loan, Firushan said that more points would be awarded to women, youth, those applying to produce an imported product in the country, businesses outside the Malé, Vili-Malé and Hulhumalé area along with those planned to work in such a way that would preserve the environment.

A loan maximum of MVR500,000 would be given to an independent person that wins the loan while a group applying for the a loan is applicable to a max loan of MVR 1.5 million.

The loaning sectors include tourism, transportation, fishing, farming, construction along with cooperative services and waste management.