SME Development and Finance Corporation (SDFC) has disbursed 2,114 loans as part of the government’s COVID-19 recovery scheme.
The Finance Ministry’s latest statistics revealed that total valuation of loans disbursed under the scheme had reached MVR 361.3 million.
It further stated that 661 self-employed individuals and 1,453 businesses were approved for the loan and the latter received a total of MVR 341.5 million, while the remaining MVR 19.8 million was disbursed to mainly freelancers.
SDFC has received more than 4,000 loan applications from self-employed and businesses categories with well over 2,000 applications approved and MVR 360.5 million disbursed so far.
Moreover, MVR 201 million was approved for 845 applications from the commercial sector by last week. The second highest amount approved in the sector was the construction sector where 204 applicants have been approved for MVR 59.4 million. In addition, the tourism sector saw 320 applications out of which 238 applicants were approved for MVR 55.3 million.
Furthermore, 576 female applicants were approved for a total of MVR 117.4 million. Out of this, 445 are businesses and 131 self employed applicants.
The Finance Ministry in collaboration with the SME Development and Finance Corporation (SDFC) introduced the COVID-19 Recovery Scheme targeted towards SMEs and self-employed and freelance workers, as part of the government’s Economic Relief Package, which is implemented through the “Viyafaari Ehee” loan initiative by SDFC.