SME Development Finance Corporation (SDFC) revealed that MVR 800 million was given to 2510 individuals, as loans across the year 2020, despite the economic setbacks brought forth by the ongoing global COVID19 pandemic.
According to the corporation, SDFC gave particular importance towards providing assistance for the small and medium enterprises (SMEs).
Hence, under the government's 'Economic Recovery Plan', a total of MVR 381 million was issued to 2,205 private businesses and SMEs to help overcome their financial struggles.
Additionally, after the lockdown period ended, loans of up to MVR 420 million were granted to a further 305 entities, mainly to small and medium enterprises, from across tourism and commercial industry.
Till date, 33 percent of the loans issued by the corporation were received by youth and women.
The loans are issued at an interest rate of six percent and must be settled within three years and carry a six-month grace period to begin repaying the loaned amount.
Further, SDFC stated its vision that these loans would help businesses and individuals mitigate the financial repercussions of the health crisis.