SME Development Finance Corporation (SDFC) has announced plans to issue "Fashaa Madhadhu" loans to 60 women entrepreneurs. This loan scheme was introduced by President Dr. Mohamed Muizzu, and it is included in his Hafutha 14 Roadmap.
"Fashaa Madhadhu" aims to offer accessible financing options to women entrepreneurs, especially those excluded from conventional banking. Under this scheme, loans will be issued up to USD32,425 at 6% interest rate. SDFC stated that a grace period of 12 months will be granted to repay the loan, with the option to repay the loan in a seven-year period also available.
Providing information to PSM News, SDFC declared that decisions have been made to issue loans under the scheme to 60 individuals, with 16 individuals from atolls. A total of USD907,911 has been allocated to provide the loans.
During the ceremony held to present the letters to the individuals who received the loans, Managing Director of SDFC Aishath Fifsheen Ali stated that the scheme will facilitate increasing the number of loans issued to women by SDFC, compared to previous years.
In addition to the Fashaa Madhadhu Loan Scheme, SDFC has also introduced Fashaa Madhadhu Scheme. Introducing a loan scheme and a leasing scheme designated for women is a pledge of President Dr. Muizzu, outlined in the Hafutha 14 Roadmap.