BML Enhances Business Financing to Support Growth and Expansion

Business

The Bank of Maldives (BML) has announced significant enhancements to its financing products, aimed at supporting the growth and success of businesses across the Maldives. The changes provide improved accessibility, flexibility, and better terms for businesses in key sectors, including real estate, tourism, and working capital financing.

Key Enhancements to Business Financing Products

Real Estate Financing

1. Minimum equity requirement reduced from 30% to 20%.
2. Payment period extended from 15 years to 20 years.
3. Financing now available for long-term lessees, contractors, real estate developers, companies, government institutions, and other registered legal entities for construction under long-term lease agreements.

Guest House Financing

1. The guest house itself can now be listed as sole security for financing.
2. Guest houses operating for over two years can access financing at a reduced interest rate of 11%.
3. New guest houses can obtain financing at 12%.

Working Capital Financing

1. Businesses can now access financing up to 2.5 times their average monthly sales.
2. Eligibility criteria relaxed to accommodate a wider range of businesses.

Commenting on the changes, BML’s CEO and Managing Director, Mohamed Shareef, stated: “Today's announcement represents a significant step forward in our commitment to the Maldivian business community. By making financing more accessible and offering improved terms across multiple sectors, we are providing businesses with the financial support they need to expand, innovate, and thrive in today’s dynamic market.”

With these enhancements, BML continues to play a pivotal role in fostering economic development and supporting businesses in achieving long-term success.