SDFC introduces financing scheme for women entrepreneurs

SDFC is now accepting applications for a newly introduced financing scheme open exclusively for women.

The scheme is designed to encourage women in business, improve financial accessibility for women entrepreneurs and support women's economic empowerment, SDFC said. Under this scheme, financing can be sought for establishing new business endeavours or for expanding existing businesses. 

The financing scheme offers loans under Shariah polices of between MVR 25,000 and MVR 250,000. A maximum of 12 month grace period and 7 seven years is set as the repayment window. The profit rate of this loan, issued without a mortgage, is 9.5 percent per annum. 

SDFC Managing Director Badrudeen Hassan has previously said that the scheme aims to expand opportunities for women to demonstrate their business skills and capabilities. He added that recipients of financing will benefit from flexible repayment terms. 

Applications for this financing scheme can be submitted through the portal n the SDFC website. 

In addition to this new scheme, SDFC also has an existing 'Fashaa Madhadhu' financing facility, run in collaboration with Economic Ministry and Social and Family Development Ministry, which provides financing for women.