SDFC approves loans worth USD 19.9 million for SMEs

SME Development Finance Corporation (SDFC) has revealed relief loans worth over USD 19.9 million have been approved for small and medium-sized enterprises (SMEs) under the COVID-19 Relief Loan Scheme.

The relief loan scheme was introduced by the government to assist local businesses affected by the COVID-19 pandemic. Under the scheme, SDFC have so far disbursed loans worth over USD 19.9 million for 1,760 individuals. SDFC revealed 1,239 SMEs have been provided with loans amounting to USD 18.9 million, while loans amounting to USD 1 million were approved for 521 sole proprietors. Meanwhile, 462 SMEs and businesses owned by women were provided with loans worth USD 6.4 million which includes 86 sole proprietors and 376 women in retail business.

The government introduced an economic relief package to prevent local businesses from going bankrupt amid the COVID-19 pandemic. The relief loans are provided through the SDFC and the Bank of Maldives (BML).