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SDFC issues loans worth MVR 283 million in 2019

Mariyam Malsa
16 December 2019, MVT 09:58
President Ibrahim Mohamed Solih inaugurates SME Development Finance Corporation (SDFC). PHOTO: HUSSAIN WAHEED/MIHAARU
Mariyam Malsa
16 December 2019, MVT 09:58

SME Development Finance Corporation (SDFC), on Sunday, revealed that it issued loans worth MVR 283 million in 2019.

SDFC stated that it provided loans to 241 individuals between March and the present date, with most of the recipients being companies in the tourism sector and commercial businesses.

As per SDFC's statement, the loans funded business activities in 83 islands, and that 34 percent of recipients were women and youth.

On December 19, loan issuance will be temporarily halted for a one-month period while SDFC compiles financial records for the year. The corporation will recommence accepting loan applications on January 19, 2020.

The government created the SME bank in March 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.

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