The Bank of Maldives (BML) has announced a series of changes to its financing products aimed at providing more accessible financial support to businesses across the country. These revisions include updates to its Real Estate Financing, Guesthouse Financing, and Working Capital Financing options, with the goal of helping businesses grow and thrive in a competitive market.
One of the most notable changes is in BML’s Real Estate Financing, where the minimum equity requirement has been reduced from 30% to 20%, making it easier for businesses and developers to access funding. In addition, the repayment period for these loans has been extended from 15 to 20 years, offering more flexibility to borrowers. Long-term lessees, contractors, real estate developers, government institutions, and other registered legal entities with long-term lease agreements can now apply for financing to fund new construction projects.
For the guesthouse sector, BML has also introduced key updates to its financing options. Guesthouses can now use their property as the sole security for financing, a change that simplifies the loan application process. Established guesthouses that have been operating for over two years can access financing at an 11% interest rate, while newly opened guesthouses will be able to secure financing at a slightly higher rate of 12%.
In addition to the real estate and guesthouse financing options, BML has made significant changes to its Working Capital Financing. Businesses can now borrow up to 2.5 times their average monthly sales, allowing them to secure larger loans for expansion and operations. Furthermore, the eligibility criteria have been relaxed, giving more businesses the opportunity to access these funds.
Mohamed Shareef, CEO and Managing Director of BML, expressed the bank’s commitment to supporting the Maldivian business community. He said, “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.”
These changes come as part of BML’s ongoing efforts to enhance its services and cater to the growing needs of the Maldivian business sector. With more flexible loan conditions and broader access to financing, BML is positioning itself as a key partner in the success of local businesses.
