Maldives Monetary Authority (MMA), the Central Bank of Maldives have issued MVR 24 Million under the Credit Guarantee Scheme for Small and Medium-sized Enterprises (SMEs). Under this scheme, applicants are not required to keep a mortgage and is charged with a fairly small interest rate.
MMA has setup a fund to provide credit to SMEs under the Small and Medium-sized Enterprises Act along with a guarantee scheme for loans obtained from commercial banks. Fundamentally, this scheme encourages financial institutions that participates to offer the required facilities to SMEs by sharing the financing risk between the authority and the banks.
Speaking at a press conference organized by the Ministry of Economic Development, the Managing Director of Business Center Corporation (BCC), Ahmed Mumthaaz stated that 43 applicants have been issued with loans totaling to MVR 24 Million.
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