Male’, Maldives – SME Development Finance Corporation (SDFC) has announced that loan applications can be done online now.
In an announcement made by SDFC, the company said that applications for their loans can be made through the portal on their website. For individuals, they need to make their own E-Faas account and apply through the account for loans and for comapnies and partnerships, they need to apply through the account made by the company director or partner who has been assigned.
SDFC also told that all documents could be attached directly through the portal and from now onward they would not be accepting applications over their counter or through email. SDFC also stated that the status of loans can be tracked online in real time on the portal dashboard.
They also told that the applications would get a specific number assigned to it if all documents had been attached and the status of the application would be stated as “accepted”. According to SDFC this whole process would take working three days and applications which are incomplete or rejected would be updated during the same period as well.
According to Finance Ministry’s statistics, SDFC has approved a total of MVR 367.7 Million as COVID-19 SDFC loans and out of that a total of MVR 319.7 Million had been disbursed to 1,917 partied. SDFC had also given loans to eight medias of Maldives who had faced financial difficulties during the Covid-19 pandemic.
SDFC was established as a specialized financial institution providing financial products and ancillary services to MSMEs and entrepreneurial start-ups with the primary purpose of easing access to finance for MSMEs.
SME Development Finance Corporation Pvt Ltd (SDFC) was issued the Financing Business License by Maldives Monetary Authority on February 28, 2019. SDFC is owned by the Government of Maldives with shares of three City Councils, which are Male’ City, Fuvahmulah City and Addu City.