Bank of Maldives (BML), on Monday, introduced a new unsecured Working Capital Finance facility, to provide businesses with access to financial resources to meet short-term funding and cash flow requirements.
Established under BML’s commitment to supporting businesses, the Working Capital facility enables businesses to acquire up to 20 percent of their past 3 years’ average annual sales, up to a maximum amount of MVR 3 million, with a repayment period of three years.
The facility can be utilised as a demand loan or as a credit line limit in the form of overdrafts, bank guarantee, letters of credit and trust receipt demand loans.
BML’s CEO and Managing Director Tim Sawyer stated that, "the introduction of this unsecured facility, which is a first for this market, is part of our support to remain dedicated to the growth of the business sector in the country. We now have a competitive and comprehensive business product portfolio for our customers, and for the first time, a simple way to easily access capital to grow, innovate or even to boost short term cash flows".
In addition to the facility, BML also announced a reduction in interest and profit rates for its Business Development Loan, Guest House Loan, Real Estate Loan, and secured Retailers’ Loan.
The changes are also applicable to BML Islamic's Shari’ah compliant business financing facilities.
Furthermore, BML's CEO also announced a reduction in equity required for Home Construction loans from 30 percent to 20 percent.
BML's nationwide network comprises of 38 branches across 20 atolls, 51 Self Service Banking Centres, 115 ATMs, 277 agents and a suite of digital banking services.
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