SME Development and Finance Corporation SDFC says it has postponed the deadline to apply for its loan moratorium extension until next month.
The bank said although it had said that the customers must apply for the second loan moratorium by the 25th of this month, it has now extended the deadline until the 8th of October.
SDFC said that it delayed the deadline after many customers were unable to apply for loan moratorium extension for various reasons.
Earlier SDFC had said that it would extend its loan moratorium till the end of the year.
The Bank had also said that it would prioritize assisting Micro-, Small, and Medium-sized Enterprises (MSMEs) to overcome the financial difficulties brought on them by the COVID-19 pandemic.
Amid the economic upheaval brought on by the global pandemic, the bank had introduced the SDFC COVID-19 Viyafaari Ehee loan product, which provides financial aid for SMEs and self-employed/freelance individuals that are facing cashflow constraints due to the COVID-19 outbreak.
The product is introduced as a short-term financing facility for SMEs to meet their current operational requirements and to provide financial assistance for self-employed individuals and freelance workers as part of the Economic Recovery Package announced by the Ministry of Finance.
The product offers Loan amount up to MVR500,000 for businesses (10% of annual sales turnover for the past year) and loan amount up to MVR30,000 for self-employed individuals.
