The SME Development Finance Corporation (SDFC) under the Economic Ministry has disbursed MVR 1.7 billion in loans so far this year.

SDFC was established by the current administration with the aim of providing financial assistance to small and medium enterprises.

Apart from providing loans to businesses, the purpose of the corporation is to provide information on the market opportunity and work to increase their financial literacy, providing opportunities for the growth of small and medium enterprises.

An SDFC official told One today that as of 30th June 2023 loans worth MVR 1.7 billion had been approved and loans worth MVR 1.34 billion had been disbursed to 1,272 beneficiaries.

In addition, MVR 373 million has been approved for loans to 2,146 beneficiaries under the stimulus package called 'COVID-19 Business Assistance'

The official said the maximum loans disbursed so far are between MVR 500,000 and MVR 1 million.

SDFC mainly lends to eight economic sectors. These include local tourism, agriculture, fisheries, manufacturing, and information technology. It also provides financial assistance to businesses in the commerce, transport and construction industries.

Loan opportunity is also open for the purchase of goods and machinery and day-to-day expenses for starting a new business and developing the business.