Male’, Maldives – Acknowledging the difficulties faced by retailers, Bank of Maldives (BML) has brought significantly favorable changes to the retailers loan provided by the bank.
The bank revealed that this loan is issued to businesses who require financial assistance in running and expanding operations, and that the loan can bee issued in the form of a typical loan or overdraft, up to three times as the total amount received via POS.
With the new changes to the requirements of eligibility for the loan, the POS requirement of MVR 50,000 in sales has been decreased to MVR 30,000.
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.
BML’s Director of Retail and SME Banking, Moosa Nimal stated that, “We have taken several measures to support our business community during Covid-19. 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.”