SME Development Finance Corporation (SDFC) has revealed over 100 Small and Medium Enterprises (SMEs) have applied for loans since the corporation reopened loan applications in February.
SDFC had suspended loan applications last December in order to settle its annual accounts. Loan applications were reopened last month.
SDFC revealed since the reopening of loan applications, 119 SMEs have applied for loans through the corporation. SDFC said most of the loans were requested by SMEs in tourism and fisheries sectors.
SDFC was established by the administration to assist new and developing SMEs in the Maldives. Last year, the corporation had also provided relief loans to SMEs and sole proprietorships affected by the COVID-19 pandemic. As such, SDFC has disbursed loans worth over USD 21.3 million for 1,969 individuals and businesses under the economic relief package introduced by the administration last year. This includes USD 20.2 million issued to 1,254 SMEs and USD 1.1 million issued to 615 sole proprietors.
The corporation also provided special loans for female-owned SMEs and individual businesses. In this regard, the corporation issued USD 7.5 million for 563 businesses owned by women.