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SDFC offers loans of MVR 100 million designated for women

SDFC has opened applications for a financing program sporting two schemes designed for women. Application window for these loans is open until the 3rd of March.

Aishath Shuba Solih
24 February 2024, MVT 14:39
During the ceremony hosted by SDFC thursday night -- Photo: SDFC
Aishath Shuba Solih
24 February 2024, MVT 14:39

SME Development Financing Corporation has opened loans worth MVR 100 million aimed for women.

SDFC stated that the application window for this program named “Fashaa Madhadhu” loan (loosely translated to “Initial Help”) and “Fashaa Madhadhu Leasing” will be open until the 3rd of next month.

The establishment of a women centric financing facility was a vow within the government’s week-14 agenda.

The Fashaa Madhadhu loan is directed for businesswomen facing difficulties in procuring loans from other banks due to non-secure income sources. These individuals are eligible for an amount between MVR 100,000 and MVR 500,000 under this loan.

This loan has a grace period of twelve months with a payment period of seven years. The interest rate of this loan is six percent.

Fashaa Madhadhu Leasing loan is specialized for women entrepreneurs who owns personal businesses as well as freelancers and women who work from home. SDFC stated that these women can utilize the scheme’s funds to purchase the required essential goods.

Distributed at eight percent, this loan allows a fund access ranging from MVR 10,000 to MVR 100,000. The repayment period of this loan begins six months after goods are purchased through this loan. The recipients of this loan are able to implement a 5 years loan repayment procedure. The financing limit for this scheme will be determined based on the income secured determined through the applicant’s banking accounts.