Over 400 apply for SME loans

Over 400 people have applied for the MVR 50 million loan scheme targing Small and Medium Enterprises (SME).

The deadline to apply for the loans ended on Monday.

SME Consultant at Economic Ministry, Ibrahim Firushan told “Sun” on Monday that the loan scheme attracted a lot of interest, and that over 400 people had applied for the loan.

Firushan said that the applications would be evaluated within the next two months and that the loan money would be handed out sometime within the next three or four months.

“We are trying to make it possible to hand over the money within the next three or four months,” said Firushan.

All Maldivians above 18 years of age can apply for the loan. And extra marks will be given to women, youngsters, people who apply for the loan to locally manufacture a product that is exported into the country, people who want the loan to set up businesses outside Male’ or Vilimale’ or Hulhumale’, and people who have plans to run their business without harming the environment.

Individual entrepreneurs who apply for the loan with receive maximum MVR 500,000 each, while joint ventures will receive maximum MVR 1.5 million.

Areas of business that the loan will be handed out to include tourism, transport, fisheries, agriculture, construction, corporative services, and waste management.