SME Development Finance Corporation (SDFC) has revealed over USD 24 million worth of loans have been approved to be disbursed to Small and Medium Enterprises (SMEs) under its COVID-19 relief packages.
Speaking to PSM News, Chief Operating Officer of SDFC Nazim Habeeb noted the COVID-19 pandemic hit the country shortly after the establishment of SDFC. As a result, he noted SDFC had to immediately take on the challenge of catering to businesses from all around the country. He added SDFC was the first corporation to announce moratoriums on loans issued to businesses and individuals amid the COVID-19 pandemic.
Speaking further, Nazim stated SDFC had approved USD 24.6 million worth of loans to 2,204 businesses under its COVID-19 relief packages. Nazim noted SDFC has assisted a wide range of businesses, including cafes, restaurants, gyms, salons, and guesthouses. He expressed belief SDFC has played a pivotal role in economic recovery efforts amid the pandemic.
SDFC is the first-ever financial institution opened in the Maldives, especially for SMEs. SDFC was formed as a 100% state-owned company.