The Parliament’s representative for Horafushi MP Ahmed Saleem said that there need to be more options available in Maldives to acquire loans.
He made these remarks during the debate held at Parliament on the bill suggesting amendments to the Small and Medium Enterprises Act.
As per Saleem, there need to be innovative ways to get money, such as private companies and individuals issuing loans.
Additionally, he expressed that if there was a way to get loans through the internet under the law, many difficulties would be resolved.
“The government truly needs to give a lot more care towards SMEs. Looking at some of the biggest companies globally, Coca-Cola, Apple, Microsoft and Dell started out very small.
Furthermore, MP Saleem said that there was still a difficulty for SMEs to get loans. He added that high-interest rates and lack of mortgage add further difficulties to those businesses.