Resorts eligible for up to MVR7.71million in loans

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The government’s COVID-19 relief package sets aside funds for resorts for up to MVR 7.71 million in loans, The Edition reports. 

The details of the government’s stimulus package were announced last Tuesday in a press release issued by the ministry of finance.

The press release states that resorts and businesses whose annual revenues exceed MVR 10 million will receive loans from the Bank of Maldives (BML) at an interest rate of six per cent and a six-month grace period. The loan will need to be repaid in three years.

Businesses with a local workforce of 45 per cent and above will be prioritised. Loan qualifications also mention that the companies will have to have registered profits in 2019. The government will also look into the non-performing assets of applicants and give precedence to resorts and companies that have forecasted positive cashflow for the next three years.

Resorts and companies that have laid off or forced employees into no-pay leaves will not be eligible for the relief package, whose application is open from 8 April onwards.