SME Development Finance Corporation (SDFC) have issued MVR222 million under the Economic Recovery Scheme to provide financial stimulus towards individuals and businesses.
According to the financial institution's latest updates, SDFC have provided loans for a total of 1,479 entities in order to assist them financially amid the prevalent economic duress.
Moreover the statistics from Ministry of Finance reveal, SDFC have issued loans to a total of 1,046 local small to medium enterprises and for another 433 individuals with freelance or self-employed work. A total of MVR209 million were issued to SMEs while MVR13 million were issued to individuals.
Earlier, Maldives government announced the initiative to provide financial stimulus towards local SMEs and individuals who faced the wide-scale impact rising from the global pandemic. Many of the small to medium scale businesses faced significant losses with some resorting towards employment lay-offs.
SDFC announced the Covid-19 Business Relief loan in collaboration with Ministry of Finance, and was set to issue a maximum of MVR500,000 businesses or individuals.