Micro Financing
A new way of combating hardship in the Marshall Islands. BOMI is operating its Microloan program funded by Taiwan ICDF through the government, officially since September 1, 2006.
The primary purpose of a microloan is to accelerate development of the country and improve the wellbeing of people living in the rural areas of the Marshall Islands. Projects include agriculture, food processing, commerce, fishing, manufacturing, transportation, handicraft, tourism and services.
The two types of loans provide for equipment or working capital for each borrower. All Microloans must conform to the lending provisions of The Banking Act of 1987 and the terms agreed between Bank of Marshall Islands and the Marshall Islands Development Bank.
Microloan Features
7% interest- Loan fee is 2%
- Interest rate is 7% per annum
- Maximum term is 5 years
Terms and conditions available upon request. Fees and charges apply.