Minister Fayyaz: Freelancers also eligible for SDFC loans

Economic Minister Fayyaz Ismail has stated that self-employed private individuals and freelancers are also eligible for SME Development Finance Corporation (SDFC) loans offered by the government,

The Minister’s statement comes after artists and professionals from sectors such as music and photography expressed dismay that their income sources were dwindling due to a lack of tourist arrivals in the country.

The Minister stated that loan opportunities were extended to those who are self-employed and freelancing as well.

“We are modifying the job center portal, so that self-employed individuals can also report their status.” Said the Minister who added that the SDFC would work to provide as much help as possible rather than make a profit through interests.

The government has announced that it will be providing SDFC loans through BML starting from next week and that this was a part of the government’s stimulus package for the situation with the Covid-19 virus in the country.

Loans will be provided with a six percent interest rate and a grace period of six months. Those obtaining the loans will have a period of three years to repay the loans.