Government to introduce programs similar to Get Set for middle-aged entrepreneurs

Ministry of Youth and Sports has said that programs similar to the Get Set program would be introduced for middle-aged entrepreneurs as well, in the near future.

The Get Set program, a loan scheme worth MVR 200 million, is aimed at helping youth aged between 18 and 35 establish Micro and Small Medium Entrepreneurships (MSMEs).

Speaking at a press conference at Youth Ministry on Thursday, Get Set Program Manager Mahal Ali Jaleel said that many requests have been received from older people for programs similar to Get Set, and assured that the government would introduce such opportunities for them soon.

He noted with sadness that presently, there are no such opportunities for aspiring middle-aged entrepreneurs.

The government has received 135 proposals as applications for Get Set loan so far, and Youth Ministry has said that most of them contain solid business ideas.

The deadline for submitting proposals is 28 February 2015.

The loan carries a maximum interest rate of 8 percent. The interest rate and repayment period will be decided after negotiation, based on the type and size of the business and expected profit, Youth Ministry has said.