Economic Ministry has stated that the government backed loans to create more small and mid-sized businesses in the country has been successful so far and had created many new businessmen.
Speaking to press in the Ministry, the Ministry said the many had applied for the loans and they were released to those who were fully eligible for the loan. The Ministry said some loans were still in processing stage.
Economic Ministry said in the last round of applications for the SME loans, 447 had applied for the loans. The applications had already passed the first phase and now was in the second phase of evaluation. Loans will be released to the most eligible applicants in the near future.
The Ministry further revealed that 119 applications had been submitted for the “Faseyha Madhadhu” Islamic finance loan, out which in this round 105 applicants will be awarded the loan. A total of 14 individuals are on the waiting list.
The program seeks to establish a financial backing and resource allocation system for new business owners and thereby broaden the small and mid-sized business sectors in the country. The loans also seek to boost employment in the country.
Thirty parties awarded loans under the getset scheme last year have begun business.
Loans have created new businesses: Economic Ministry
