SDFC issues MVR 268m as relief loans while BML issues MVR 522m

Customers wear masks as they wait outside a shop in Male' City on June 1, 2020. (Sun Photo/Fayaz Moosa)

The SME Development Finance Corporation (SDFC) has released MVR 268.3 million as loans for businesses negatively impacted by COVID-19.

Statistics published by the Finance Ministry show that the 3,293 applications for loans were received. Out of those applications, loans were issued for 1,640 individuals while 522 applications were rejected. 

The SDFC issued 224 SME businesses of the tourism sector with loans of MVR 51.7 million. 1,566 applications by freelancers and individuals were also received. Loans worth MVR 16.7 million were issued to 559 individuals. 

12 businesses working in the agriculture industry were awarded MVR 2.1 million, while 170 businesses in the construction industry were issued loans of MVR 46.1 million. 21 businesses of the fisheries sector were provided loans of MVR 4.1 million while 95 businesses in the innovation sector were issued loans of MVR 17.1 million.

Bank of Maldives (BML) also issued loans to 367 businesses worth MVR 522.2 million. The bank also issued loans of USD 7.5 million up until September 3. 

562 businesses applied for loans through the BML. Ministry statistics show that 397 loans have been approved so far. 17 applications were rejected in total.