In an effort to strengthens support for business, Bank of Maldives (BML) has brought positive changes to their Retailer’s Loan.
The BML Retailers’ Loan is available for businesses as a loan or as overdraft, with financing up to three times the value of the monthly average Point-of-Sale (POS) volume.
A statement issued by the bank said that the minimum monthly average POS sales has been reduced from MVR 50,000 to MVR 30,000 with the change in eligibility criteria announced today, allowing more businesses across the country to apply for the loan.
“To be eligible for the loan, businesses are also required to have 12-months of continuous POS sales. As part of today’s changes, the Bank has relaxed this criteria to consider the hardest hit months for business sales during Covid-19. The minimum monthly average POS sales of MVR 30,000 will now be considered only for the past 6 months, not taking into account the months from April to June given many businesses were negatively impacted due to the lockdown period.” The statement from the bank said.
Director of Retail and SME Banking at BML, Moosa Nimal said that several measures have been taken to support businesses in the community during the COVID-19 crisis.
“We are pleased to bring changes both to the Retailers’ Loan and the BML Islamic Retailers’ Financing to ease financing for small businesses during this period of recovery. Our support for local businesses remains strong as we navigate these challenging times together.” Nimal said.