SME Development Finance Corporation (SDFC) has issued over USD81 million in loans to 1,036 businesses.
SDFC stated that it has issued 38 loans to businesses working in agriculture, 414 loans to working in commerce, 44 for construction, 143 for the fisheries sector, 11 for information and communications technology (ICT), 97 for manufacturing, 200 for the tourism sector, and 89 for transport. SDFC stated the loans issued by the corporation since its inception are worth USD81.6 million.
SDFC was established in 2019 as a specialised financial institution providing financial products and ancillary services to 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.