Application open for second round of Getset loans

Application has been opened for the second round of the Getset loan scheme – set up by the government to encourage young entrepreneurs.

Manager of the Getset loan scheme, Maheel Ali Jaleel reported during the press conference by Ministry of Economic Development this Sunday that 90 percent of the businesses funded through the first round of Getset loans was up-and-running and successful.

Maheel said the Getset loan scheme was a success from the very beginning.

“The businesses are running at a satisfactory success rate,” said Maheel.

Approximately 700 applications were sent in for the first round of the Getset loan scheme.

Ministry of Economic Development reports applications for the second round of Getset loans can be sent from April 16 to April 27.

Applications can be submitted either online or to:

1. Ministry of Economic Development, Boduthakurufaanu Magu, Male’ City

2. H. Dh. Kulhudhuffushi Business Center

3. L. Fonadhoo Business Center

4. S. Hithadhoo Business Center

5. Lh. Naifaru Business Center

6. G. Dh. Thinadhoo Business Center

7. Dh. Kudahuvadhoo Business Center

Getset loans provide young men and women between the ages of 18 to 25 years’ loans of MVR 300,000 to MVR 800,000 to set up businesses.

Those granted Getset loans are given 9 years (including grace period) to repay the loan.