Bank of Maldives (BML) has opened application for Economic Stimulus Loan.

The Economic Stimulus Loan was first announced in November 2020 when BML partnered with Ministry of Finance to accept and process the loans. The loans were facilitated by the Government to support businesses that were financially affected by the pandemic.

Eligible businesses can submit the completed application form together with the supporting documents to [email protected] BML said.

Under the Economic Stimulus Loan, eligible businesses can get financing up to MVR 7 million at a 6% interest rate with a repayment period of 4 years.

BML said recipients of previously granted EIB COVID Relief Loan or Economic Stimulus Loan are not eligible to apply this round.

Applications are open until 30 November 2022.