The Bank of Maldives (BML) has introduced changes to its financing products aimed at providing greater support to businesses across the country.

Under the real estate financing scheme, the minimum equity requirement has been lowered from 30 per cent to 20 per cent, while the repayment period has been extended from 15 to 20 years. The bank has also expanded eligibility criteria, allowing long-term lessees, contractors, real estate developers, companies, government institutions, and other registered legal entities to apply for financing under long-term lease agreements.

For businesses in the guest house sector, the revised financing terms now allow the guest house itself to be listed as sole security, making it easier for operators to secure funding. Guest houses that have been in operation for over two years can now access financing at 11 per cent, while newly established guest houses will be eligible for financing at 12 per cent.

Additionally, working capital financing has been expanded to allow businesses to access up to 2.5 times their average monthly sales. The eligibility criteria have also been relaxed to accommodate a wider range of businesses.

According to BML CEO and Managing Director Mohamed Shareef, the changes reflect the bank’s commitment to supporting the business community by making financing more accessible and offering improved terms across multiple sectors. He stated that the revised financing products aim to help businesses expand, innovate, and remain competitive in the country’s evolving economic landscape.

These enhancements to business financing products come shortly after BML introduced changes to its home financing options, which included more flexible terms and higher borrowing limits.