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MIDB Food Security Loan

As part of its efforts to mitigate and respond to the impacts of Covid-19. MIDB is now offering short-term, low interest commercial loans to established retail and wholesale businesses in the Outer Islands. This program is intended for businesses residing in the outer islands that trade for Copra proceeds. This loan can be used for Food Security items and other related (relevant) supplies including fishing gear and agriculture tools and supplies.

Loan Guidlines

Eligibilty

  • Businesses residing in the outer Islands trading Copra

Term/Rate/Amount

  • Term: one year term, repayment through Tobolar on a quarterly basis.
  • Rate: 4%
  • Amount: Maximum is based on the businesses statement provided from Tobolar, up to $10k-$17k.

Requirement

  • Statement from Tobolar, Business License, Business E.I.N card, credit checks and price quotations from local vendors.

How to Apply

Please visit the MIDB building 2nd floor Rm.# 212 or call 625-3230/3223/5270 ask for Jukulius Niedenthal or Jeremy Tomeing for assistance. jniedenthal@rmimidb.com  Click on the button below to download other supporting documents.

Food Security Application