The SME Development Finance Corporation (SDFC) has disbursed MVR 1.34 billion in loans so far.
SDFC has decided to disburse loans worth MVR 1.7 billion to 1,423 beneficiaries, but only 1,272 loans have been disbursed so far. That totals MVR 1.34 billion.
In addition, MVR 373 million will be disbursed to 2,146 beneficiaries under the Covid-19 Business Assistance stimulus package.
The package was introduced to address the financial difficulties faced by businesses in 2020 due to the Covid-19 pandemic.
SDFC mainly lends to eight economic sectors. They are local tourism, agriculture, fisheries, manufacturing, information technology, commerce, transport and construction industries.
The corporation has also opened the opportunity to apply for loans to launch new businesses, develop ongoing businesses, purchase goods and machinery and meet day-to-day expenses.
SDFC has mostly disbursed loans within the range of MVR 500,000 and MVR 1 million.
SDFC was launched on March 18, 2019, to provide financial assistance to small and medium enterprises at low-interest rates.
The corporation also works to increase financial literacy by providing information on market opportunities.
