SME bank ready to issue MVR 23M in loans

Small and Medium Enterprises Development Finance Corporation (SDFC) is ready to issue MVR 23 million in loans, says the President’s Office.

Speaking during a press conference by President’s Office this Thursday, President’s Spokesperson, Ibrahim Hood announced SDFC has received over 250 loan applications so far.

He said that the corporation is currently prepared to issue MVR 23 million in loans.

SDFC offers loans to SMEs engaged in five sectors; manufacturing sector, local tourism sector, agriculture sector, fisheries sector, and information and communications technology sector.

The corporation, inaugurated on March 18, offers loans of up to MVR 2 million for startups. The payback period for the loans is 10 years, with a grace period of 18 months.

It also offers loans of up to MVR 500,000 for the development of SMEs already in operation. The payback period for the loans under this category is 10 years, with a grace period of 12 months.

SDFC also offers loans for is the purchase of capital assets, for agricultural needs, for short-term finance for SMEs, and for starting up and developing commercial guesthouses.