Given the current circumstance it is not allowed to terminate employment of any Maldivian nationals during the loan repayment period. The loans will be issued at an interest rate of 6% per annum and with a grace period of 6 months during which no interest or principal payments will need to be made. The repayment period for the loan is 3 years. Both SDFC and BML have been open for loan applications since 8 April 2020.
- Loans issued from SDFC:
- These loans are intended for businesses currently under operation and those that generate revenue of no more than MVR 10 million.
- Self-employed individuals who have not formally registered their businesses, and those undertaking freelance work are also eligible to apply to these loans.
- Businesses can apply for financial assistance of up to MVR 500,000 (five hundred thousand).
- Self-employed individuals can apply for financial assistance of up to MVR 18, 000 (eighteen thousand).
- Loans are issued to cover operational expenses, including payroll, rent and utility bills.
- For more information, please visit https://sdfc.mv/Download/FAQ.pdf To apply for a loan, please visit https://portal.sdfc.mv/login
- Loans issued by BML:
- Tourist resorts are eligible to apply for separate working capital loans. This scheme issues loans of up to MVR 7.71 million.
- Apart from the tourist resorts that generated revenue of MVR 10 million in the year 2019, a separate working capital loan scheme is also issued for other businesses. This scheme issues loans of up to MVR 1 million.
- For more information, please visit https://www.bankofmaldives.com.mv/covid-19-recovery-scheme To apply for a loan, please submit the completed application form along with the required documents via email to recoveryscheme@bml.com.mv