Over MVR 1.2 bln issued as loans thus far: SFDC

The SME Development Finance Corporation (SDFC) has issued loans valued at MVR 1.27 billion so far, the Economic Ministry has said.

The Economic Ministry disclosed at the Viavathi Raajje Conference that the corporation had issued 1036 loans since 2019. The largest amount of loans were disbursed to the tourism sector, with the fisheries sector and the business sector following behind.

SDFC was launched on March 18, 2019, to provide financial assistance to small and medium enterprises at low-interest rates. SDFC was inaugurated by President Ibrahim Mohamed Solih. Speaking at the inauguration ceremony, the President said the launch of an SME bank was an important task accomplished within the first 100 days of the current government. He said many young entrepreneurs would be created as a result of the bank's establishment and that it would also help those who want to earn an income from home, he said.

SDFC's financing includes rural tourism, business assistance, agricultural profits, property, business development, and start-ups.