Ministry of Economic Development has revealed that SME Development Finance Corporation (SDFC) has issued 1,036 loans. The ministry revealed the statistics related to SDFC at a session of the third Viavathi Raajje conference.
At the session, the ministry revealed that SDFC has issued 1,036 loans since 2019, which amounts to USD82 million. The company issued the highest amount in loans for the tourism sector, the business sector, and the fisheries sector. Additionally, SDFC issued 82% of its loans to businesses in Gaafu Dhaalu Atoll, 80% to Laamu Atoll, and 75% of loans to Thaa Atoll.
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.