SME Development Finance Corporation (SDFC) has announced that it has issued loans to 60 women entrepreneurs, under the "Fashaa Madhadhu" loan scheme. The loan scheme introduced by President Dr. Mohamed Muizzu, is included in the government's Hafutha 14 Roadmap.
SDFC stated that loans have been issued under the scheme for 60 indivudals, as of November 18. This includes four individuals with disabilities as well. 25% of the loan scheme is designated solely for women with disbilities.
Speaking at the ceremony held to officiate the loan scheme, Minister of Economic Development and Trade Mohamed Saeed stated that such schemes are pivotal in enhancing business pportunities for indivduals. He requested all individuals to mkae the best use of this opportunity.
"Fashaa Madhadhu", a loan scheme worth USD6.5 million, aims to offer accessible financing options to women entrepreneurs, especially those excluded from conventional banking. It was officiated in February. While decisions have been made to issue USD6.5 million under the loan scheme throughout the entire year, 45% of this amount has now been issued.
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.