SDFC issues loans worth MVR 283.2 million

A shop in Male' City | Photo: SunMv

Malé, Maldives — The SME Development Finance Corporation (SDFC) has issued loans worth MVR 283.2 million.

SDFC decided to issue loans to provide help for the the businesses that were negatively affected by the ongoing Covid-19 pandemic.

According to the statistics disclosed by the Finance Ministry of Maldives, until September 17, while 1,720 applicants were issued loans out of total 3,456 applicants. 557 applicants were rejected for various reasons.

The businesses SDFC issued loans to include of:

  • 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

The statistics revealed by the ministry also shows that loans worth MVR 17.2 million were also issued to 575 freelancers.

Due to the Covid-19 outbreak in Maldives, the government is providing loans to businesses that are striked by the pandemic. The loans distributed by the government has an interest rate of six percent and are expected to be repaid within three years.