Businesses up and running on 60 percent of Getset loans

Businesses are already up and running from 60 percent of the first round of Getset loans – a State initiative to support and encourage young entrepreneurs.

Speaking in an interview with “Sun” during its “50 Minute” program on Sunday night, Program Manager from Ministry of Economic Development, Maheel Ali Jaleel said that the Getset loan scheme – announced back in 2014 – was wildly popular, and that they were receiving very good feedback.

“34 loans were given to 72 youths during the first round. 20 of those businesses have been set up. They are operational in different levels,” said Maheel.

The figure means that nearly 60 percent of the loans are in good use.

More than 700 young men and women had applied for the first round of Getset loans, with the second round of Getset loans to be announced within the coming two to three weeks, according to Maheel.

Maheel said that the Ministry of Economic Development was expecting at least four times more applications than they received during the first round.

Loans amounting to a total of MVR 25 million was issued to the winners of the first round of the Getset loan scheme – who received their official letters in August, 2015.

Maheel also spoke about another loan scheme by the ministry – the Small and Medium Enterprise Loan Scheme – for which the State has set aside a fund of MVR 50 million.

He said that the money was being issued to the winners via the national bank – Bank of Maldives – which has been contracted to manage the fund.

“61 parties have been selected from more than the 450 who applied for the SME 50 million loans scheme. The bank has been asked to issue money to 30 of them,” said Maheel.

He said that the government was paying attention to small and medium enterprises as never before.