The Edition
facebook icon twitter icon instagram icon linkedin icon

Latest

BML strengthens its 'Retailers' Loan', reduces minimum qualifying average

Ahmed Aiham
08 November 2020, MVT 13:09
Processed with VSCO with e2 preset
Ahmed Aiham
08 November 2020, MVT 13:09

Bank of Maldives (BML), on Sunday, announced amendments to it's 'Retailers' Loan', which targets businesses that require expansions of their funds.

The retailers’ loan is utilized by businesses as a loan and or an overdraft. The bank offers financing up to three times the value of a retailers' monthly average Point-of-Sale (POS) volume.

According to BML, the minimum qualifying monthly average POS sales were reduced from MVR 50,000 to MVR 30,000. The move is expended to allow additional businesses across the country to apply for the loan.

To be eligible, businesses are also required to have 12-months of continuous POS sales.

“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", commented BML’s Director of Retail and SME Banking, Moosa Nimal.

The minimum monthly average POS sales of MVR 30,000 will now be considered only for the past six months "in order to reflect the hardest hit months for business sales during COVID-19".

BML will not take into account the months from April through June as "many businesses were negatively impacted due to the lockdown period".

"Our support for local businesses remains strong as we navigate these challenging times together", concluded BML’s Retail and SME Director Nimal.

Share this story

Topics

BML Bank Loan

Discuss

MORE ON BUSINESS