MVR 222.9M in loans issued for small-medium sized businesses

The government has issued loans of MVR 222.9 million to small and medium-sized businesses, freelancers, and entrepreneurs adversely affected by COVID-19 through the SDFC. 

Statistics shared by the Finance Ministry showed that the government had issued loans to 1,479 individuals. A total of 3,099 individuals had applied for relief loans. Out of the applications, 472 were rejected for various reasons. 

SDFC issued loans to 1,046 businesses and 433 freelancers. 

The government had designated loans of MVR 50.5 million to 219 small and medium-sized businesses involved in the tourism sector. Loans to 71 businesses involved in the transport sector worth MVR 18.2 million is also to be issued. 

A total of 1,439 freelancers and entrepreneurs had applied for the loans. The government will be issuing loans to 524 individuals worth MVR 15.6 million in total. 

11 businesses involved in agriculture are to be issued loans of MVR 1.7 million. 156 involved in construction are to be issued loans of MVR 41.7 million, 20 involved in the fishing industry are to be issued loans of MVR 3.6 million while 90 involved in the manufacturing and innovation sector are to be issued loans of MVR 16.6 million as well.

The government had announced that it will be assisting businesses and entrepreneurs adversely affected by COVID-19 through a series of loan schemes. The loans are issued with a six percent interest rate.