Bank of Maldives (BML) has announced changes to the Retailers’ Loan targeting to help businesses meet daily needs or fund expansions.
The statement released by BML announcing the changes brought to the Retailers Loan reads that the Retailers’ Loan is available for businesses as a loan or an overdraft, with financing up to three times the value of the monthly average Point-of-Sale (POS) volume.
With the change in eligibility criteria announced today, BML states that the minimum monthly average POS sales have been reduced from MVR 50,000 to MVR 30,000, allowing more businesses across the country to apply for the loan.
BML also states that the Bank relaxed the loan eligibility criteria to consider the hardest hit months for business sales during Covid-19. Henceforth, 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.
Commenting on the new changes announced, BML’s Director of Retail and SME Banking, Moosa Nimal said “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.”
BML continues to give assurance to support the local businesses remains strong amidst the ongoing challenges faced by businesses due to Covid-19.
The statement released by BML announcing the changes brought to the Retailers Loan reads that the Retailers’ Loan is available for businesses as a loan or an overdraft, with financing up to three times the value of the monthly average Point-of-Sale (POS) volume.
With the change in eligibility criteria announced today, BML states that the minimum monthly average POS sales have been reduced from MVR 50,000 to MVR 30,000, allowing more businesses across the country to apply for the loan.
BML also states that the Bank relaxed the loan eligibility criteria to consider the hardest hit months for business sales during Covid-19. Henceforth, 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.
Commenting on the new changes announced, BML’s Director of Retail and SME Banking, Moosa Nimal said “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.”
BML continues to give assurance to support the local businesses remains strong amidst the ongoing challenges faced by businesses due to Covid-19.
