Ministry of Finance and Treasury has said that MVR 198 million has been issued to assist small and mid-level businesses due to the COVID-19 pandemic through SME Development Finance Corporation (SDFC) as part of the government’s COVID-19 recovery scheme.

Under the MVR 2.5 billion stimulus package amid the COVID-19 pandemic, SDFC is issuing loans to small and mid-level businesses along with other businesses that make under MVR 10 million a year. Loan conditions of SDFC include applicants not to downsize by letting go of staff.

Information published on the Finance Ministry website show 2,983 loan applicants up to Monday that consists of 1,618 small businesses and 1,365 independent workers for MVR 485.4 million.

And with loans to be given to 1,663 of those applicants, only 1,427 applicants have received their loans which totals up to MVR 198 million. They are MVR 185.6 million to small businesses and MVR 12.4 million to independent workers.

These loans via SDFC with six percent interest are aimed for businesses to stay afloat by managing day-to-day expenses.