SME Development Finance Corporation (SDFC) has upgraded their SME Portal, and opened for loan applications.

An announcement by SDFC on Wednesday noted that they had expanded their services, and launched the upgraded portal through which loan applications are to be submitted. With this, applications for the 'Dhanduveri Nafaa', 'Kandufalhu Nafaa' loans in addition to 'Fashaa Viyafaari', 'Viyafaari Tharahgee', 'Harumudhaa Viyafaari Ehee', and 'Rashu Fathuru' loans will now be open.

SDFC noted that through the SME Portal, customers will not only be able to apply for loans but also check the status of their applications through various stages and find more information regarding the loans. This includes making appointments, providing all necessary loan documents in one place, and many more features.

They have also created a new Loan Product Wizard which helps customers find the best loan for their individual needs, as well as a search function to ease navigation through the portal.

SDFC is owned by the Government of Maldives and was launched with the aim to make it easier for MSMEs to obtain financing to support their businesses while leading to healthy competition between the financial institutions.

SDFC launched its customer service portal in November 2020, and thus became the first financial institution where loan applications were carried out completely online. The corporation has revealed that by April 2023, they had approved 1,387 loans which totals to about MVR 1.67 billion.