SME Financial and Development Corporation (SDFC) on Monday, announced that it has received 120 applications for Small and Medium Enterprises (SME) loans and that it has begun releasing funds.
SDFC Managing Director Ahmed Zinad revealed that arrangements were being made to process the incoming applications. He also stated that the exact number of loans already released and other information would be announced later during the week.
SME loans will be granted for the four main sectors of Information and Communication Technology (ICT), Agriculture, Fisheries and Transport.
At the bank's inauguration ceremony, the MD had assured that the bank would provide technical assistance to business people in addition to loans.
The government created the SME bank in order to prioritize small businesses and ensure their continued progress.
SME loans are issued at lower interest rates than those released by other banks in Maldives.