SME Digital has clarified that businesses with existing bank loans remain eligible to apply for its financing facilities, as it rolls out a new product aimed at supporting business growth among small and medium enterprises (SMEs).

Speaking on MMTV’s Bodu Khabaru programme, Digital In-charge of Marketing and Communications at SME Digital, Mariyam Shazna, said having an outstanding loan with another bank is not a barrier to accessing SME Digital’s financing schemes.

She explained that applications from businesses with existing loans will be assessed based on repayment history and the borrower’s capacity to service additional debt. “If a business has been making regular repayments on loans from other banks, they remain eligible to apply for our financing products,” she said, noting that loan limits will be determined by the scale of the business and its financial position.

SME Digital has introduced a new financing product, Business Expansion Financing, to address financial constraints faced by small and medium enterprises. The facility is intended to support existing entrepreneurs in expanding and strengthening their operations.

The financing can be used to purchase assets, expand into new business areas, improve productivity, and open new outlets to increase revenue.

Eligibility requirements include a minimum of two years of business registration. For applicants with existing bank loans, a consistent repayment record over the past 12 months will be taken into account during the assessment process.

SME Digital said loans will be issued based on the applicant’s overall financial standing and demonstrated ability to repay. Under the Business Expansion Financing facility, businesses can access up to MVR 1 million without collateral and up to MVR 5 million in total financing. The product also offers a repayment period of up to 10 years, including a grace period of up to 12 months, to provide greater flexibility.

Applications for the Business Expansion Financing facility are now open through the SME portal on SME Digital’s website.