The Economic Ministry and the SME Development Finance Corporation (SDFC) have jointly launched the “Fashaa Madhadhu” loan and “Fashaa Madhadhu Leasing” to provide financial assistance to women entrepreneurs.
MVR 100 million is allocated for this pledge which is part of President Dr. Mohamed Muizzu's 'Hafthaa 14' (Week 14) roadmap.
SDFC said a unified society is established when both genders have equal opportunities in social and economic affairs.
Fashaa Madhadhu loan
The scheme will provide funds to women entrepreneurs who face difficulties in accessing services from conventional banks due to income instability.
Under the scheme, start-ups will be given loans ranging from MVR 100,000 to MVR 500,000 at six percent interest and the repayment period will be seven years.
Fashaa Madhahu leasing
The scheme aims to provide easy access to self-employed, freelance and home-based women to purchase the necessary goods to develop their businesses.
Under the scheme, goods can be purchased in amounts ranging from MVR 10,000 to MVR 100,000 at eight percent interest.
The amount to be provided for an individual under this scheme will be determined based on the income guaranteed from the individual's bank account.
The opportunity to apply for Fashaa Madhadhu loan will be opened on March 3 while applications for the Fashaa Madhadhu lease will be opened before the end of March.
