SDFC issues MVR 283m in loans

May 27, 2020: A shop in Male' City.

The SME Development Finance Corporation (SDFC) has issued MVR 283.2 million to businesses negatively affected by the economic impact of COVID-19. 

Statistics by the Finance Ministry show that 1,720 applicants were issued loans up until September 17 from the 3,456 total applicants. 557 applications were rejected for various reasons. 

The SDFC issued loans to 

  • 227 tourism sector businesses: MVR 51.9 million
  • 74 transport sector businesses: MVR 19.2 million
  • 12 agriculture businesses: MVR 2.1 million
  • 180 construction businesses: MVR 50.5 million
  • 99 manufacturing businesses: MVR 17.5 million
  • 21 fisheries businesses: MVR 4.1 million

Ministry statistics also showed that 575 freelancers were issued loans of MVR 17.2 million. The government has been providing loans to businesses hit hard by COVID-19. The loans are disbursed with an interest rate of six percent and to be repaid within three years.