The SME Development Finance Corporation (SDFC) have confirms loans for locally operated media outlets to curb challenges amid economic crisis.
The designated loan scheme "COVID-19 Business Aid: Media Package" is exclusively targeted to local media with a 4 percent interest rate and a 6 year repayment period.
All media outlets will be subjected to the loan scheme, granted the maximum issuance amount being MVR300,000. Debtors are required to commence loan repayment post a 6 month grace period.
The primary prerequisite or condition of eligibility for the outlets should include non redundancy or non-termination of staffs or employees amid the economic crisis or during the loan issued period.
SDFC on a public circular released on Friday confirmed interested media outlets can apply for the loan scheme, which is now applicable.
