SME Development Finance Corporation (SDFC) has issued USD97 million in loans to small and medium enterprises (SMEs).
The latest statistics show that SDFC has issued USD97 million in loans to 1,230 businesses since 2019, of which USD21 million were issued to 301 women-led businesses. The loans are issued to businesses in eight sectors, which are agricultural, commercial, fisheries, tourism, travel and transport, manufacturing, industrial, and information technology.
SDFC was established in 2019 as a specialised financial institution providing financial products and ancillary services to micro, small and medium enterprises (MSMEs) and entrepreneurial start-ups with the primary purpose of easing access to finance for MSMEs. It was formed as a 100% state-owned company.
The government has been providing more opportunities to SMEs. As part of the efforts, Business Centre Corporation (BCC) opened the SME Hub in Male’ City in December 2022. The hub provides businesses with opportunities to market and sell their products and empowers women with home-based businesses by giving them an equal platform to market their services.