The SME Development Finance Corporation (SDFC) has officially opened applications for a specialised soft loan scheme aimed at bolstering Maldives’ growing creative economy and providing essential financial support to content creators nationwide.
This initiative follows a recent announcement by President Dr Mohamed Muizzu, who confirmed that the technical preparations for the scheme had been finalised.
The loan scheme is designed to expand the role of artistic and innovative industries in the Maldivian economy, offering young professionals new opportunities within the thriving creative sector. Eligible categories for the financing are broad, encompassing media content, audio-video-image production, entertainment, and specialised sales and marketing content.
SDFC has structured the scheme with flexible financing tiers. Content creators seeking to purchase essential specialised equipment or cover production expenses can apply for up to USD 32,425 with collateral. For those requiring smaller capital without collateral, loans up to USD 9,727 are available. Both options feature a competitive profit rate of 9.5 percent, a six-month grace period, and a maximum repayment duration of five years.
This move underscores the President’s robust commitment to building a creative economy, a core pledge outlined in the government’s manifesto.
Addressing ongoing challenges faced by artistic and innovative industries, the government aims to significantly scale up the sector’s overall contribution, expressing confidence that the creative industry can account for 15 percent of the Maldives' Gross Domestic Product (GDP). The government is simultaneously working towards declaring next year as the ‘Year of National Productivity’ as part of its broader economic diversification strategy.