SME Development Finance Corporation (SDFC) has issued MVR 947 million in loans for eight sectors.
The latest statistics show that SDFC has provided 1,023 loans to businesses in eight sectors since 2019. The company issued the largest amount in loans to businesses in the commercial, fisheries, and tourism sectors and has approved a total of 1,119 loans totaling MVR 1.3 billion.
The statistics show that SDFC issued 432 loans totaling MVR 287 million for the commercial sector, 142 loans totaling MVR 271 million for the fisheries sector, and 202 loans totaling MVR 242 million for the tourism sector. It also shows the company issued 89 loans totaling MVR 107 million for the travel and transport sector, 98 loans totaling MVR 68 million for the manufacturing sector, 48 loans totaling MVR 39 million for the industrial sector, 11 loans totaling MVR 8.8 million for the information technology sector, and 10 loans totaling MVR 6.5 million for the agricultural sector.
SDFC was established in 2019 as a specialised financial institution providing financial products and ancillary services to micro, small and medium enterprises (MSMEs) and entrepreneurial start-ups with the primary purpose of easing access to finance for MSMEs. It was formed as a 100% state-owned company.
