SME Development Finance Corporation (SDFC) has issued USD108.4 million in loans to small and medium enterprises (SMEs) in five sectors in the past four years.
SDFC has been issuing loans to sectors such as island tourism, agriculture, fisheries, manufacturing and related businesses, and Information Communication Technology (ICT). As such, SDFC issued USD108.4 million in loans to 1,387 SMEs so far in the past four years. In addition, SDFC issued USD5.7 in loans to 135 women entrepreneurs in the past four years. SDFC also aims to provide technical assistance to businesses to make them successful along with providing loans.
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.