Bank of Maldives (BML) have introduced a new unsecured Working Capital Finance facility to provide businesses with access to finance up to MVR 3 million, to meet short-term funding and cash flow requirements.

The announcement was made at a special press conference held by the bank today.

The new Working Capital facility allows businesses to finance up to 20 percent of the past 3 years’ average annual sales, up to a maximum amount of MVR 3 million with a repayment period up to 3 years. The facility can be availed as a Demand Loan or as a credit line limit in the form of Overdrafts, Bank Guarantee, Letters of Credit and Trust Receipt Demand Loans.

With the new product announcement today, the Bank also announced a reduction in interest/profit rates for Business Development Loan, Guest House Loan, Real Estate Loan, and secured Retailers’ Loan. These changes are also reflected in the Shari’ah compliant business financing facilities offered by BML Islamic.

CEO and Managing Director of BML, Tim Sawyer said that the introduction of the unsecured facility is a first for this market is part of the bank’s support to remain dedicated to the growth of the business sector of the country.

“We now have a competitive and comprehensive business product portfolio for our customers, and for the first time, a simple way to easily access capital to grow, innovate or even to boost short term cash flows.” Sawyer said.

Speaking at today’s press conference, Sawyer also announced a reduction in equity required for Home Construction loans. From today, new Home Construction loans/financing will require 20% of equity as opposed to the 30% required previously.